Some well-known US retailers and businesses have faced a challenging year. As the economy recovers from the impact of the Covid-19 pandemic, these companies have encountered a myriad of issues, including soaring costs, supply shortages, and increasing competition.
As a result, several notable companies filed for bankruptcy protection in 2023. This included well-known entities like WeWork, Rite Aid, Bed Bath & Beyond, Tuesday Morning, Party City, SmileDirectClub, and Lordstown Motors, among others.
Bankruptcy doesn't always signify the downfall of a business. In the US, numerous businesses file for bankruptcy with the intention of streamlining operations, reducing debt, and cutting costs. One common approach is Chapter 11 bankruptcy, enabling companies to address financial challenges through reorganization.
You can view article on CNN Business by Ramishah Maruf.