Chapter 11 Bankruptcies Surge in First Half of 2020:
Amid a challenging economic environment brought about by the coronavirus pandemic, U.S. Chapter 11 business bankruptcy filings increased 26% in the first half of this year compared to last year, and were up 43% in June alone. Bankruptcy-related job cuts this year have been felt particularly acute in the retail, services, entertainment, and leisure industries, with such high-profile names as J.C. Penney, Hertz, Neiman Marcus, and J. Crew among the companies that have recently declared bankruptcy. Industry experts fear a further rise in both Chapter 11 filings and job cuts in coming months as federal relief funds run out for small and midsize businesses.