The COVID-19-induced shutdown in the spring wreaked havoc with the economy. And while there has been an impressive rebound from the worst period—the U.S. economy grew at its fastest pace ever in the third quarter—that has not yet lifted the economy out of recession. And with U.S. daily COVID cases hitting new peaks and hospitalitzations and deaths on the rise, economic uncertainty remains.
The overall blow from 2019 has proven to be too much for many companies. Scores of firms have filed for Chapter 11 restructuring. Some have managed to successfully restructure and emerge from bankruptcy protection. Others have been forced to liquidate entirely.
The 20 largest bankruptices all include liabilities of more than $1 billion, topped by The Hertz. Corp. with more than $24 billion in liabilities at the time of its filing.
In the following gallery, which is dominated by retailers, we identify the bankruptcies having the largest impacts on owners, investors and the commercial real estate industry in general.
This gallery includes bankruptcies filed between April 15, 2020 and October 30, 2020. It was originally published on July 20, 2020, and updated on August 25, 2020 and October 30, 2020. Updates have also been added to bankruptcies from earlier in the year that have now been resolved.