The Tsunami of Layoffs and Bankruptcies just Starting

The Tsunami of Layoffs and Bankruptcies just Starting
The U.S. economy was supposed to be turning a corner by now, but instead it looks like we are headed for an exceedingly painful winter. All over the country, big companies are laying off thousands of workers, and in some cases the numbers are even larger than that. As you will see in this article, Disney just announced that they will be laying off tens of thousands of workers, and the airline industry is warning that 100,000 workers could soon permanently lose their jobs if the federal government doesn’t bail them out. Meanwhile, we have been seeing businesses fail at a pace that is absolutely stunning. According to the Wall Street Journal, this year we are on pace to set new records for retail stores closings, retail bankruptcies, and retail liquidations…

Retail store closings in the U.S. reached a record in the first half of 2020 and the year is on pace for record bankruptcies and liquidations as the Covid-19 pandemic accelerates industry changes, particularly the shift to online shopping, according to a report on the downturn’s severity.
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