What I think you’ve seen is lots of people being forced into, ‘I’m going to get there at some point.’”. Meanwhile, the economy added 62 thousand jobs, above forecasts of a 20 thousand gain as full-time employment rose by 99 thousand and part-time employment was down by 37 thousand. Wisconsin-based auto parts and plastics manufacturer Techniplas filed on May 6 as it hopes to find a buyer. "They may still survive. Commercial magazine printer LSC Communications filed on April 13 with nearly $1 billion in debt after an antitrust lawsuit blocked an attempted $1.4 billion sale to competitor Quad/Graphics , a British company with 44 hotel and travel brands like Shearings, a century-old tour bus operator. . , four days after its competitor Hertz, with global travel still ground to a halt. St. Louis-based coal miner Foresight Energy filed on March 10 with $1.4 billion in debt. to be acquired by Calverton UK while closing 31 of its 51 locations and laying off 651 employees, according to Reuters. LONDON, Ontario (PRWEB) September 21, 2020 According to the Office of the Superintendent of Bankruptcy Canada, in April 2020 bankruptcies were down nearly 36 percent from the previous year. In 2020, there were 438,184 divorced individuals between the ages of 55 and 59 years old living in Canada. ... the Canadian market. Canadian auto parts manufacturer Spectra Premium filed on March 10. Audience Relations, CBC P.O. , weighed down by $4.2 billion in debt. Brittany Chang. "Not all of them, not all the time, many of [the banks] have laid back.". In the first phase of its reorganization, it will close at least 132 locations and its Phoenix distribution center. LONDON, Ontario (PRWEB) September 21, 2020. was the first big American retail domino to fall amid the pandemic. , which provides hold music on calls and background music in stores to retailers. Brian Sozzi is an editor-at-large and anchor at Yahoo Finance . FTR Canadian Bankruptcies Jump At Fastest Pace Since Financial Crisis Research suggests Canadians are under immense social pressure to spend money, and that's driving debt. With the coronavirus pandemic leaving many in a precarious and dire financial situation, Lou Brzezinski and other lawyers and insolvency trustees have been sitting by the office phone, expecting it to ring. Private-equity-backed APC Automotive filed on June 3. The 10 largest and most unexpected trucking bankruptcies in recent history. Demand for auto parts has sunk during the pandemic and import tariffs on metals have cut into its margins as well. , a large hospital operator in the United Arab Emirates. Latam Airlines became the largest carrier yet to go bankrupt when it filed on May 26 with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. (Those that file Chapter 7 are typically liquidating assets and calling it quits.) It reopened its 14 locations in Quebec and Ontario in May after weeks of coronavirus-related closures. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. . Bluestem Brands, the parent company of seven e-commerce subsidiaries, filed on March 9. According to the most recent Canadian Federation of Independent Business survey, one in seven Canadian small businesses (158,000) are at risk of closing. The luxury department store managed to restructure its massive debt outside of bankruptcy proceedings last year, but that was not the case in … , though it said it will continue to launch new satellites. "Obviously, there's going to be a massive spike in bankruptcies: that would be the conventional wisdom," Hoyes said. I'm an assistant editor on Forbes' money team. to delever its balance sheet by $250 million. Companies that file Chapter 11 bankruptcy negotiate with creditors to restructure debt terms. "Canadians were already carrying near record levels of debt before COVID and COVID-related job-losses will be the tipping point for many who were already struggling.". Intelsat filed on May 13, though it said it will continue to launch new satellites. Near-zero travel demand. Today’s Morning Brief is brought to you by Chartered Professional Accountants of Canada. on March 19. Casual Dining Group, the London-based parent company of British chains Cafe Rouge and Bella Italia, entered administration on July 2 and announced it was permanently closing 91 of its 250 locations, leaving 1,900 employees without a job. "If you ask them how much money you have … the answer is nothing, zero.". Nobody knows for sure.". after closing 38 of its locations, leaving less than 100 remaining. Modell’s Sporting Goods, a New York institution since 1889, filed for Chapter 11 on March 11 and announced plans to close all 153 of its stores spread throughout the northeast. South African retailer Edcon filed for business rescue on April 29, announcing that it had lost 2 billion rand in sales—equivalent to more than $100 million—due to coronavirus. Tailored Brands, the parent company of menswear retailers Men’s Wearhouse and Jos. U.K.-based Italian restaurant chain Carluccio’s entered administration on March 30, shortly after its 73 locations were required to close. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn . Romanian airline Blue Air announced it was entering a debt restructuring procedure on July 6 after business slumped as Europe shut down for most of the spring. , a high-end retailer founded two centuries ago and frequented by U.S. presidents. and announced plans to be sold to restaurant conglomerate Aurify Brands, which will keep 35 of its 98 bakeries in the U.S. open. Speedcast International, a satellite internet company that provides connectivity to the embattled cruise industry when ships are out at sea and serves 80% of cruise brands globally, filed on April 23. About 3,600 companies filed for Chapter 11 in the first half of 2020, more than any year since 2012, according to the American Bankruptcy Institute. Frontier Communications The Oil Industry Bankruptcy Wave Has Only Just Begun The industry, which has already seen a few notable bankruptcies, will probably witness many more in the coming months. Bankruptcy isn’t a death sentence. 2020-01-27T17:50:35Z The letter F. 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