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U.S. bankruptcies on track for 10-year high with more than 100 consumer companies already filing

Published: August 11, 2020
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Source: market watch

U.S. bankruptcies are en route to a 10-year high with 424 companies filing as of August 9, according to S&P Global Market Intelligence. The group's analysis took into account both public and private companies with public debt. The coronavirus has hit consumer companies hard, with more than 100 filing for bankruptcy including Men's Wearhouse parent Tailored Brands Inc. TLRD, +4.57%, department store Lord & Taylor and work wear retailer Brooks Brothers. Nearly 100 bankruptcies are in the energy and industrials sector. Oil-and-gas producer Chesapeake Energy Corp. CHKAQ, +3.28% and small-engine maker Briggs & Stratton Corp. are among the 35 companies that have filed with more than $1 billion in liabilities. The Consumer Discretionary Select Sector SPDR ETF XLY, 0.82% has gained 13.3% for the year to date while the S&P 500 index SPX, 0.31% is up 4% and the Dow Jones Industrial Average DJIA, 0.90% has lost 2.6%.

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