Here Are The Big Businesses That Filed for Bankruptcy During COVID
We've lost hundreds of thousands of people because of COVID, and businesses are not immune to its effects, either.
It's no secret; the pandemic has not been kind to retail, dining, and performance-based industries. Every day, it feels like another beloved mom-and-pop shop or chain is filing for bankruptcy protection, and it can be hard to keep up.
According to alpha-sense.com, 39% of the businesses that have filed for bankruptcy protection are "consumer discretionary," which usually means retail or entertainment spending. Coming in second place are energy companies; overall, restaurants, retail, travel, and movie theaters have been hit the hardest by the pandemic.
It's definitely being felt here in Genesee County; while some of the below businesses have survived and kept their Flint locations open, many did not.
It's also important to keep in mind that, if and when a business files for chapter 11 bankruptcy, it does NOT necessarily mean that they are going OUT of business. It's more of a reorganization to allow the business to stay open and pay its creditors over an extended amount of time.
Either way, here's a list of some of the businesses that you know and love that have had to file for bankruptcy during the pandemic.