Indicators
Business Bankruptcies Jump as Slow Wave of Failure Speeds Up
- This week ties a three-day record set in 2008, data show
- Spike reflects weakness in telecom, pharmaceutical industries
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Going bankrupt happens slowly, then all at once, to paraphrase an old saying. For businesses of all sizes, all at once is happening now.
This week is tied for the busiest three-day period for major corporate bankruptcies on record, according to data compiled Bloomberg. If the pace continues through Saturday, the week will top the end of April, 2009 when 16 big companies went bankrupt just as the US was climbing out of the Great Recession.