Top 10 companies that went bankrupt in this Pandemic

According to a report by Times of India almost 70 percent Indian startups have cash for only 3 months and they will suffer a lot because of this pandemic and lockdown but not only startups but many big companies all around the world have suffered a lot and many if they have filed for bankruptcy some of them are :

1. Atlas cycles(1950) - It was Founded by Jankidas Kapoor. On June 3rd, 2020 it has closed its last plant and on that day it was world bicycle day. And 431 employees lost their job.

2. Reid and Taylor(1998) - It was a 180 years old Scottish company bought by an Indian company SKNL in 1998. It's a casual and formal wear company and it was planned to launch its IPO in 2011 but didn't because of market conditions and just this quarter they closed their Mysore plant and 1400 employees lost their jobs. One of the reasons for its bankruptcy is overspending on marketing and celebrity endorsements.

3. Golds gym(1965) - Joe gold started this gym in California, USA. Just this quarter it has filed for bankruptcy and it will close down all gyms operated by them or in which they have a full stake.

4. Aldo group(1972) - It operates 3000 stores in 100 countries, It is known for its accessories and shoes all around the world. It had 214 mln $ debt on them and because of it has filed for bankruptcy.

5. The hertz corporation(1918) - It had a 10200 franchise. And they have also filed for bankruptcy this quarter.

6. JC penny(1902) - It had operations in 49states in the USA. They have also delisted from New York Stock Exchange, 242 stores have been closed. It was 1 of the biggest departmental stores in the USA.

7. J crew(1947) -It was a retailer in the clothing sector. It operated 450 stores in the USA they have also filed for bankruptcy this quarter.

8. Intelsat (1964) - It provided communication satellite services. Their client's list included many big companies like BBC, Walt Disney, and many more. Their main problem was their 15 billion $ debt and because of that, they have also filed for bankruptcy this quarter.

9. Latam airline(2012) - It was Latin America's biggest company. Because of this pandemic, they went in loss and eventually filed for bankruptcy.

10. Avianca airlines (1919) - It was Columbia's national airline and 2nd oldest airline in the world It was also 2nd biggest Latin American airline. last year took a loan of 375 mln $ and this year they had to lay 66 mln $.so they filed for bankruptcy.

Many more big companies also bankrupted.

One of the main reasons these companies bankrupted is they did not change accordingly to market and time once they were market leaders but they stopped innovating and changing so it is not necessary that if you are a big company then you can not fail.

Thanks to Arnab Nayak(StartupGyaan youtube channel) for providing this wonderful information.