Bankruptcies skyrocket in US: The Hill

NEW YORK -- There isn't an official recession in the United States, but a large and growing number of US companies are declaring bankruptcy, according to an opinion article published by The Hill.

"According to a new report from S&P Global, the number of companies that have gone bankrupt so far in 2023 is higher than the first four months of any year since 2010," said the article, which was published over the weekend.

Filings through April have pushed the year-to-date count to 236, more than double the comparable figure a year ago and higher than any of the prior 12 years, it said.

Leading the way were companies selling directly to consumers, with Bed, Bath & Beyond being the most notable, followed by industrials and then financial services, it noted.

Another service that tracks bankruptcies reported that year-over-year commercial bankruptcy filings through March were up 24 percent, and that commercial Chapter 11 reorganization filings increased 79 percent.

According to statistics released by the Administrative Office of the U.S. Courts, total bankruptcy filings rose just 2 percent compared to cases in the previous year but business filings increased 9.9 percent, it added.