Warranting particular attention amid a burgeoning bankruptcy landscape is the surge in ‘mega bankruptcies’ – filings by companies with over $1bn in reported assets – a trend that Cornerstone confirms has grown 33 percent over the past 12 months.
“Companies with business models dependent on discretionary consumer spending are at the highest risk of bankruptcy as consumer spending is under significant pressure from low growth economies and increasing inflation,” notes Mr Heath. “In the UK, high-profile brands such as Claire’s and Pizza Hut have recently rationalised their retail footprints as consumer confidence plunges. In the US, Sunnova Energy International and Nikola Corporation are among the high-profile mega…