Coronavirus Bankruptcies on The Rise

coronavirus bankruptcies

More than 111 companies have blamed the coronavirus pandemic in bankruptcy filings since early March.

The companies with coronavirus bankruptcies range from retailers and restaurants to churches and airlines.

American Addiction Centers, which operates 26 facilities in eight states, filed for bankruptcy in late June. It blamed travel restrictions and stay-at-home orders for its troubles. Never mind that it was already having trouble paying its bills; COVID-19 was the final nail in its coffin.

Then there’s Gold’s Gym. The fitness center became popular after Arnold Schwarzenegger joined in the late 1960s, but it couldn’t survive the shutdowns financially intact.

One of the coronavirus bankruptcies that really surprised me: The Roman Catholic Archdiocese of New Orleans. The diocese was already having money problems because of legal settlements related to the sexual abuse scandal. Church closures because of COVID-19 finally pushed it into bankruptcy as offerings and collections at services dropped to virtually nil.

Those might not even be ALL the coronavirus bankruptcies. Some 722 companies filed for bankruptcy protection in May alone; the 111 companies mentioned above are just the ones that specifically said COVID-19 did them in.

Economists predict billions of dollars in coronavirus bankruptcies before the virus is put to rest.

That means we must tread carefully in coming months.

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The Big News . . .

Who Gets The Vaccine First?

An effective Covid-19 vaccine isn’t expected until sometime this winter at the earliest. Even then, it could take as long as a year to fully vaccinate the population. That’s left federal officials to figure out who will get the vaccine first. Right now, federal officials plan to offer the vaccine to vital medical and national security officials first, then other essential workers. There is some debate as to whether or not to prioritize other high-risk groups, such as Black and Latino people who have been infected at higher rates, ahead of others.

Can Your Dog Give You COVID-19?

A dog in Texas has tested positive for the novel coronavirus after its owners fell ill as well. So far, at least 17 animals across the country have tested positive for the virus, including four tigers and three lions at a New York zoo. There haven’t been any confirmed cases of people catching the virus from animals, but the CDC recommends avoiding close contact with your pets if you’re infected.

Kentucky Judge Halts Masks

Kentucky Gov. Andy Beshear signed an executive order Thursday requiring Kentuckians to wear a mask in public. Within hours, a circuit court judge ordered the governor to stop issuing or enforcing executive orders related to COVID-19. Beshear has said he will appeal the judge’s ruling.

The Coronavirus Numbers

Here are the numbers from Friday at 4:10 a.m. EST:

  • 12,404,594 Infected Worldwide
  • 557,743 Global deaths
  • 3,220,500 Infected in the U.S.
  • 135,828 Deaths in the U.S.

What’s Next?

The wave of coronavirus bankruptcies is the reason balance sheets matter.

Until this pandemic comes to an end, the best investment strategy will be to focus on companies with strong balance sheets and plenty of cash.

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Yours in Health & Wealth,

Ben Shepherd

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