Hillary Hoffower One of the greatest discharges of debt ever took place in Ireland recently. In the 25 years from 1980 to 2005, personal bankruptcy filings rose significantly. Here is a closer look at the major retail bankruptcies of 2020 so far. The pandemic recession plunged dozens of large American companies into bankruptcy this summer. Bankruptcies went up fast, though there were periods where filings dropped for a few years. But companies that were struggling before the pandemic, and somehow slogged through 2020, are very far from being out of the woods. Managing money is a skill, and worth paying someone to do for you if it is not your strong suit! ... personal … The lure of big money involves more risk than I would ever want to take. Personal bankruptcies have been on the decline since the recession ended, but one reason people may not be filing for them is that the process is too expensive. Samantha McDonald. J.C. Penney, J.Crew, Ascena Retail (Ann Taylor), Stage Stores, and Stein Mart: These retailers had been wobbly long before COVID-19 arrived and decimated apparel spending, exposing their weaknesses. What's Next For 6 Million Underwater Homeowners? It seems there are more stories every month of people losing fortunes through bad investments leading to bankruptcy. You know you would think people with money wouldnt go bankrupt. Hertz (more than $1 billion): The near halt in travel, particularly business travel, proved too much for a company struggling to deal with threats to its business model, forcing it to restructure its debt. Retailers contended with stores closed for weeks and shoppers too shellshocked to spend on anything but essentials; energy companies faced big declines in demand and, by extension, prices; health care companies dealt with the sector’s shift toward addressing COVID and away from more standard care—and the list goes on. Murchison was taken down by energy and real estate deals gone bad, and he declared insolvency in 1985 with approximately $500 million in liabilities. home improvement to sweatpants: 10 COVID-fueled consumer trends that will endure, How FedEx, UPS, and Amazon prepared for holiday shipping deadlines this year, How Peloton’s $420 million Precor deal positions the company for post-pandemic life, This story was originally featured on Fortune.com, rollout of vaccines begins in the United State, destroyed demand for oil exploration at sea, leading to its bankruptcy filing in February, COVID-19 pushed the company over the edge, strains on the finances of chains like 24 Hour Fitness, 10 COVID-fueled consumer trends that will endure, prepared for holiday shipping deadlines this year. 10 Biggest Restaurant Chain Bankruptcies of 2020 The coronavirus pandemic has wreaked havoc on businesses of all types, but few establishments have suffered more than restaurants . Personal vs. Corporate Bankruptcy . retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. I think they need to be smart and hire advisers and then follow their advice. And mass vaccinations, which may alleviate the situation, are still months away. I can't imagine how someone could blow through a fortune like that. I am always amazed by the celebrities who spend as if the money will never run out. One point of clarification: Trump has never filed personal bankruptcy, only corporate bankruptcy related to some of his business interests. I always think it is so unfortunate when someone who has been so successful has to file bankruptcy. I wish that more people with the types of finances that these musicians had would learn to manage them better. Consumers gravitated to big-box stores where they could do all their shopping under one roof, and they focused on things like food and home improvements. ... 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