According to S&P Global Market Intelligence, US bankruptcy is on track to hit a 10-year high with 424 companies filing as of August 9. The group’s analysis took into account both public and private companies with public debt. The coronavirus virus has hit consumer companies heavily, with more than 100 bankruptcy claims including TLRD, Men’s Wearhouse’s parent company, Tailored Brands Inc.,
Lord & Taylor department store and commuter clothing retailer Brooks Brothers. Nearly 1
and small engine manufacturer Briggs & Stratton Corp. are among the 35 companies that have paid more than $ 1 billion in debt. SPDR ETF XLY Consumer Option Area,
has increased 13.3% this year while the S&P 500 SPX,
4% increase and DJIA Dow Jones Industrial Average,
has lost 2.6%.