Here are 12 well-known companies that went bankrupt in 2024
CNN
This year was brutal for a number of well-known companies, including Red Lobster, True Value and Big Lots.
This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks. At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm. Notably, retail closures have picked up this year because the sector’s sugar high of 2021 and 2022 — when consumers were buying new furniture, televisions and clothing — has ended. There have been more than 7,100 store closures through the end of November, according to research firm CoreSight — a jump of 69% compared to the same time a year ago. Of course, filing for bankruptcy doesn’t necessarily mean a business is going bust. Companies tend to use the Chapter 11 process to wind down some operations, tackle mounting debt and save on costs by closing locations. Here are some of the most notable bankruptcies of 2024, listed alphabetically:
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What is Corporate America so afraid of?