So far this year, companies filing for bankruptcy are twice that of 2022, and a hair short of pandemic 2020. The biggest group of filers:...
Rite Aid filed for bankruptcy this past week, adding to a growing list of companies going bust in 2023. By the end of September, 516 U.S. companies had declared bankruptcy, according to S&P Global, twice the 263 insolvencies in the first nine months of 2022 and just shy of 518 in the first nine months of 2020, when Covid-19 lockdowns forced many businesses to shutter. Besides 2020, this year’s bankruptcy toll has been the worst since 2010.
The pharmacy chain has long struggled with a declining business, a dwindling number of stores, and losses—aggravated by lawsuits over its role in the opioid epidemic. Rite Aid said it would close more stores following the filing and sell assets. Companies Activewear company Lululemon Athletica joined the S&P 500, replacing Microsoft’s Activision Blizzard. China’s Country Garden defaulted on its offshore debt after failing to pay $15 million during a grace period. Goldman Sachs reported a 33% drop in quarterly earnings, Morgan Stanley’s wealth unit slowed, Bank of America beat, Tesla missed, and Netflix added nine million subscribers and raised prices.
Next WeekTuesday 10/24 Big Tech earnings kick off with results from Alphabet and Microsoft after the market closes on Tuesday. Meta Platforms and Amazon.com follow with reports on Wednesday. The four stocks make up about 18% of the S&P 500 index’s weight, according to Dow Jones Market Data.
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Rite Aid lays out plan to close 154 stores initially as it seeks bankruptcy protectionRite Aid, which owns Bartell Drugs, filed for bankruptcy protection as it deals with losses and opioid-related lawsuits.
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