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Thu Aug 8, 2019, 12:07 PM

Bankruptcy-related job losses invoke grim reminders of Great Recession

The recent spate of bankruptcies in corporate America is taking its toll.

In the first seven months of the year, U.S.-based companies announced 42,937 job cuts due to bankruptcy, up 40% from the same period last year and nearly 20% higher than all bankruptcy-related job losses last year, a report released Tuesday concluded. Despite record-low unemployment, bankruptcy filings have not claimed this many jobs since the Great Recession.

“It is the highest seven-month total since 2009 when 50,258 cuts due to bankruptcy were announced,” according to the report by outplacement and business coaching firm Challenger, Gray & Christmas. “In fact, it is higher than the annual totals for bankruptcy cuts every year since 2009.”

Companies cited bankruptcy as the reason for 11.6% of all job cuts announced from January to July. That’s compared to 11.3% of all cuts for the same period in 2018. Since 2007, bankruptcy has accounted for approximately 6% of all job cuts every year. The Challenger report tracks planned job cuts publicly announced by U.S.-based employers.

https://www.msn.com/en-us/money/markets/bankruptcy-related-job-losses-invoke-grim-reminders-of-great-recession/ar-AAFqBUK?li=BBnb7Kz

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