Businesses have been hit hard this year by the pandemic, with many stores closing every week. Bankruptcy has been on the rise as the economic toll continues to affect almost every industry. Here in the Upstate, stores we used to visit to often such as Brooks Brothers, Belk and Stein Mart are now going through bankruptcy proceedings.
While some of these locations wont have to shut their doors, the companies are still in dire shape thanks to 2020 and the novel coronavirus.
Weve been seeing a lot more [bankruptcies], Harriet Wallace, partner with Fox Rothschild LLP in Greenville, says.
Greenvilles rise in bankruptcies is far from unique. According to investment bank Jefferies, large companies declared bankruptcy 244% more between July a…
Read the full article at: https://upstatebusinessjournal.com/retail-hospitality/bankruptcy-can-be-a-means-to-an-end-or-to-a-better-future/