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

US bankruptcies are heading for a 10-year high with 424 companies filed 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 businesses hard, with more than 100 filings for bankruptcy including Men’s Wearhouse of parent Tailored Brands Inc. TLRD,
+ 4.57%,
department store Lord & Taylor and labor salesman Brooks Brothers. Nearly 100 bankruptcies are in the energy and industry sectors. Oil and gas producer Chesapeake Energy Corp. CHKAQ,
+ 6.54%
and maker of small engine Briggs & Stratton Corp. is one of 35 companies that have submitted more than $ 1 billion in liabilities. The selected consumer consumer sector SPDR ETF XLY,
+ 1.19%
has gained 13.3% for the year to date, while the S&P 500 index SPX,
+ 0.27%
is up 4% and the Dow Jones Industrial Average DJIA,
+ 1.30%
has lost 2.6%.