Before too long, naming the major retailers that are still operating successfully may be easier than trying to name the vast number of major retailers that have gone belly up. Of course lots of other iconic retailers are failing as well. They have always made great products, and I just assumed that they would always be around. That hit me particularly hard, because I have had Brooks Brothers shirts in my closet ever since I was a young man. The coronavirus pandemic has now claimed one of the country’s oldest and most prestigious retailers.īrooks Brothers - pioneer of the polo and uniform of the polished prepster - filed for Chapter 11 bankruptcy court protection from creditors on Wednesday, as it continues to search for a buyer. This week, we learned that Brooks Brothers has filed for bankruptcy protection… Sadly, the bankruptcy announcements just keep on coming. this year and blamed Covid-19 in part for their demise.
These are some of the more than 110 companies that declared bankruptcy in the U.S. But also sports leagues, a cannabis company and an archdiocese plagued by sex-abuse allegations. Meanwhile, we are seeing businesses fail at a rate that is absolutely staggering.Īccording to the Washington Post, more than 100,000 businesses have permanently closed their doors during this pandemic, and Bloomberg just posted an article about 110 major companies that have declared bankruptcy here in 2020… Of course Congress could choose to extend some or all of the elements in the CARES Act, but that would mean borrowing and spending more giant mountains of money that we do not currently have. It also includes a clause to delay evictions for 120 days. The CARES Act, which was signed into law on March 27 by President Donald Trump, provided benefits like enhanced unemployment payments to supplement lost income from layoffs. Those are set to come to an end before July 31, which could impact 20 million Americans, MarketWatch reports. Several benefits were developed in March to help ease the financial strains on Americans during the coronavirus pandemic. Up to this point, the emergency measures that Congress put in place to help unemployed workers have definitely eased the pain for millions upon millions of people that have lost their jobs, but a number of those emergency measures are about to expire… But the number of people claiming federal unemployment insurance, including gig workers under the Pandemic Unemployment Assistance (PUA) program, continues to surge (red columns), which causes the total number of people claiming unemployment benefits under all programs to rise The number of people who continue to receive state unemployment insurance (blue columns) has been ticking down, as more people got their jobs back than newly unemployed flooded the state unemployment systems. It was the highest and most gut-wrenching level ever. The total number of people who continued to claim unemployment compensation in the week ended July 4 under all state and federal unemployment insurance programs, including gig workers, jumped by 1.41 million people, to 32.92 million (not seasonally adjusted), the Department of Labor reported this morning.
According to Wolf Richter, the number of continuing claims that were filed last week under all state and federal unemployment programs is the highest that we have ever seen… Sometimes it is hard to believe that the numbers have gotten so bad. During the Great Recession, the country’s last downturn, weekly claims peaked at 665,000, in March 2009.įor those that aren’t old enough to remember, the recession of the early 1980s and the recession of 20 were both really, really painful.īut of course they weren’t anything like this. The highest prior weekly total for new unemployment claims was 695,000, in October 1982, according to Labor Department data. When we look back at the old peaks for unemployment claims, they almost seem laughable compared to what we are experiencing now… Instead, we continue to see a tsunami of job losses that is absolutely unprecedented in American history. Things were supposed to be “getting back to normal” by now, buy that hasn’t happened. On Thursday, we learned that another 1.3 million Americans filed new claims for unemployment benefits last week, and that number has now been above one million for 16 consecutive weeks. Businesses are shutting down at a pace that we have never seen before in American history, the “retail apocalypse” has reached an entirely new level that none of the experts were anticipating prior to this pandemic, and we are in the midst of the greatest spike in unemployment that the United States has ever experienced. The last four months have been an unending nightmare for the U.S.
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