America’s largest car-rental company goes bankrupt
Hertz, America’s largest car rental company based in Florida filed for bankruptcy protection Friday, saddled with about $19 billion in debt and nearly 700,00 vehicles that have been largely idled because of the coronavirus. The company entered chapter 11 proceedings in the U.S. Bankruptcy Court in Wilmington, Del., hoping to survive a drop-off in-ground traffic from the pandemic and avoid a forced liquidation of its vehicle fleet
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Another apparel brand files for bankruptcy after coronavirus crisis
The coronavirus pandemic has now claimed one of the country’s oldest and most prestigious retailers. Brooks Brothers, pioneer of the polo and uniform of the polished prepster, filed for bankruptcy on Wednesday, as it continues to search for a buyer. The biggest issue for the retailer was rent, and the pandemic torpedoed a sale process that began in 2019.
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Another U.S. Retailer plans to file for bankruptcy
According to the people familiar with the matter, J.C. Penny is planning to file for bankruptcy protection as early as Friday. Its legal advisors are currently preparing documentation for the filing in Corpus Christi, Texas. J.C. Penney employed roughly 90,000 full-time and part-time employees as of February. The company is planning to close 180 to 200 stores while in bankruptcy. The retailer had 846 department stores as of February
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American retailer J.Crew files for bankruptcy
J.Crew Group, which operates the J.Crew and Madewell brands, has become the first national US retailer to file for bankruptcy protection since the coronavirus pandemic forced a wave of store closures. The clothing retailer has filed to begin Chapter 11 proceedings in federal bankruptcy court in Virginia. The company also said it had reached a deal with its lenders to convert about $1.65 billion of debt into equity
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The bankruptcy wave in the oil sector
US oil prices have imploded by three-quarters since early January, to just $15 a barrel. The crash was driven by excess supply, and unprecedented collapse in demand because of the coronavirus pandemic. The bankruptcy wave has already started. Earlier this month Whiting Petroleum filed for bankruptcy, marking the first high profile Chapter 11 filing of the current crisis. Diamond Offshore Drilling joined the bankruptcy club on Sunday
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