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According to figures from the American Bankruptcy Institute, the number of companies that claim to be bankrupt has increased by 26%.
However, for large companies that decide to file under the United States Bankruptcy Code this does not mean that they have to close completely.
“What it does is offer a way to reshape the business, reorganizing the debt and eliminating expensive real estate “explained Kevin Carey, a former bankruptcy judge and partner at the Hogan Lovells law firm, in an interview with NBC News.
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Here are some of the big companies that have filed for bankruptcy, according to a ‘Forbes’ listing.
Hertz
Hertz Corporation was founded in 1918.
Hertz is an American car rental company that operates in 150 countries and has more than 10,000 franchises internationally.
With the tourism industry slowed down, the company declared bankruptcy in May 2020, as it had a debt of 18,000 million dollars (more than 65 trillion Colombian pesos).
According to ‘Forbes’, the corporation laid off 10,000 of its North American employees in April of this year and canceled the purchase of 90% of new vehicles.
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“We have to be pragmatic about the timing of an economic rebound, so we are focused on safeguarding liquidity,” Hertz CEO Kathy Marinello said in interviews with the Detroit News.
JC Penney
The organization filed for bankruptcy in May 2020.
This chain of stores has more than 840 stores located between the United States and Puerto Rico. The store offers clothing, jewelry, makeup, and household items.
With a debt of more than 4,000 million dollars (14 trillion pesos), JC Penney announced in June that it would close 154 of its stores; In addition, it plans to close a total of 242 in the coming months, according to ‘CBS’.
“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge,” Jill Soltau, CEO of the company, told ‘CBS’.
Circus of the Sun
The Cirque du Soleil has performed in 140 cities around the world.
This entertainment company is headquartered in Montreal, Canada. He filed for bankruptcy in late June.
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In their presentations they combine music, dance and various circus acts to create different stories through juggling, acrobatics, aerial dance and the use of various elements, such as trapeze and trampolines.
The Circo del Sol tours around the world throughout the year, However, with the pandemic, he announced the dismissal of 3,480 workers, as several events were canceled.
It is worth noting that the entertainment industry is one of the hardest hit, because, to prevent the spread of the virus, mass meetings were prohibited in the vast majority of countries.
These meetings include concerts, theaters and, of course, circuses.
Aldo
ALDO confirmed that it was bankrupt in June.
The Aldo group, originally from Montreal, Canada, has a global chain of shoes and accessories.
Its more than 3,000 stores are distributed in around 100 countries, although the only ones that are owned by the group are located in Canada, the United States, the United Kingdom and Ireland. The others are franchises.
In a statement, the company assured that it would close 13 of its stores. Similarly, he stated: “Aldo will continue to be a global brand and still has a strong presence in more than 100 countries. The company will use the procedures to restructure its business and build on its legacy.”
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Aeromexico
Aeroméxico was founded 84 years ago.
The Mexican airline, headquartered in Mexico City, filed for the United States Bankruptcy Code in July.
This company offers trips to more than 90 destinations in Latin America, Europe, Asia and North America. However, its operation was extremely reduced with the closure of airports and the crisis in the tourism sector.
“Our industry faces unprecedented challenges derived from a significant reduction in passenger demand globally, so We are committed to adopting the necessary measures to operate continuously and efficiently in this new reality, and thereby be better prepared for a successful future during and after the pandemic.“, said the general director, Andrés Conesa, to ‘El País’.
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Neiman marcus
Neiman Marcus is an exclusive luxury store with 43 warehouses and 22 discount stores. It was declared bankrupt in early May after being forced to close its stores.
However, in June the US company announced that, at the end of November, it would emerge from bankruptcy, after reopening 90% of its stores and accessing a loan of 250 million dollars (more than 900,000 million pesos).
Crew J
It was founded in New York in 1947.
This company was the first retailer to file for the United States Bankruptcy Code, after suffering losses in its sales and facing a debt of more than one trillion dollars (about 4 trillion pesos).
However, he announced that he would structure a plan to get out of the crisis.
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“The confirmation of our reorganization plan is another important milestone on our journey to transforming our business, driving the long-term, sustainable growth of J.Crew,” the company said in a statement.
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