As the nation focuses on deaths directly caused by the Coronavirus, very little attention has been paid to the devastation occurring due to the extreme “stay-at- home” measures forced by government upon businesses and citizens.
Forbes staff writer Hank Tucker has listed several major companies that are failing. When you review the list, don’t forget that each company has laid off its employees, amounting to tens of thousands of people. Also, consider the domino effect. There are lots of large and small service companies that are losing that failing company’s business. By the time this is over, even government employees will be laid off, because nobody is going to vote to increase taxes.
As Scott Williams, a bankruptcy attorney at RumbergerKirk, stated, “…..lots of people being forced into, ‘I’m going to get there at some point.’”
“Oil and gas drillers like Whiting Petroleum and Diamond Offshore filed for bankruptcy last week, and J.Crew became the first major U.S. retailer to do the same on Monday morning. More are on the way,” wrote Hank Tucker.
See “These Major Companies are Failing Amid the Shutdown” for several more major companies identified by Hank Tucker.