'Historic Surge' of bankruptcy sweeps America

New figures published by S&P Global Intelligence show that 75 companies filed for bankruptcy in June, the highest number recorded in a single month since early 2020 at the height of the COVID-19 pandemic. That pushed this year’s total number of bankruptcies so far to 346, which is notably higher than comparable levels seen in the past 13 years. 

 

Before this, the highest half-year figure recorded was in 2010, with 437 companies filing for bankruptcy from January through June.

 

The S&P report blamed high interest rates, supply chain issues and slowing consumer spending for the spike in bankruptcies this year.