JCPenney. Hertz. J. Crew. Pier 1 Imports.
These are just a few of the major corporations that have declared reorganization bankruptcy during the current economic downturn accompanying the coronavirus pandemic.
Richard Parry, professor of management and business law expert at Cal State Fullerton’s Mihaylo College of Business and Economics, notes that many of these bankruptcies were years in the making, and the pandemic was the final straw.
Parry shares his thoughts about how changing business conditions and COVID-19 shutdowns have led to bankruptcies, and how he expects such reorganizations and closures to impact the economy in 2020 and beyond.