US Bankruptcies at 10-year high

US bankruptcies

• US bankruptcies are on track to hit a 10-year high as the coronavirus pandemic recession continues to slam businesses

• This year, 424 companies have gone bankrupt through August 9, surpassing the number of filings during any period since 2010

• The industrial and energy sectors together accounted for nearly 100 bankruptcies

• Consumer-focused companies such as retail have been hit particularly hard – 100 companies in the sector have filed for bankruptcy this year

Source: BusinessInsider, Statista

By Vivek Jain

Analyst at Axis Bank