New York
CNN
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It’s been a rough year for some household-name US retailers and businesses. As the economy emerged out of the Covid-19 pandemic, companies faced a laundry list of problems arising from high costs, supply shortages and growing competition.
As a result, several big names filed for bankruptcy in 2023.
A bankruptcy doesn’t necessarily mean a business is going bust, of course. Many businesses in the US file for bankruptcy to wind down some operations, shed debt and save on costs. A common route is Chapter 11 bankruptcy, which allows the company to solve its financial problems through reorganization.
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