The coronavirus pandemic is bringing on a wave of bankruptcies in 2020. And it’s not just the retail sector that’s suffering. Automotive, aviation, telecom, and oil and gas companies are all feeling the pain as consumer demand dries up. Despite the billions of government support and loans, it might be too late for a lot of companies. Experts say we’re on track to mirror the number of commercial bankruptcies seen during the Great Recession. So what do all of these bankruptcies mean for the economy moving forward? And how do big brands bounce back successfully after they’ve filed for bankruptcy? CNBC explores bankruptcies and the impact it can have on consumers, businesses, and the economy as the race for a vaccine continues.
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How Coronavirus Set Off A Bankruptcy Wave For The U.S. Economy