Last Updated on November 10, 2023 by Hina Rubab
This coronavirus pandemic situation has given the biggest blow to humanity. Millions of people lost their lives and many ended up their lives and businesses due to financial crisis.
Things don’t ends here, the world has witnessed a number of companies shutting down their operation completely and the ones left out are struggling for survival.
Those who have managed to survive are cutting down the workforce and salaries to manage the expenses. In summary, this COVID situation has created a big mess.
Now talking statistically, thousands of companies are driven to bankruptcy due to this corona pandemic. In this first half of this year, 3600 companies have filed for bankruptcy and this number is increasing day by day.
All the remedial measures that business owners have tried and suggested to others doesn’t prove to be fruitful in the long run. Shutting stores, laying off employees, and restructuring to curb this economic turmoil went all in vain as the situation is getting worse day by the day as more and more people are getting corona infected.
Here is the list of 5 Biggest businesses that closed due to coronavirus. These companies have operations all over the world and due to the decrease in the demands, they have either closed some of their stores or operation in multiple regions.
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Diamond Offshore businesses:
One of the biggest hunks in the field of oil drilling having its headquarter in the United States has filed bankruptcy due to the all-time decrease in the demand.
J.Crew is an American multi-brand, multi-channel and specialty retailer. The company is known for its high-class products for women’s, men’s, and children’s that includes apparel, accessories, swimwear, outerwear, lounge-wear, bags, sweaters, denim, dresses, suiting, jewellery, and shoes. The company filed for chapter 11 protections in the month of May.
This gym chain doesn’t need any introduction. Every gym lover’s first choice is Gold’s gym and even celebrities. This is an American brand and is the best co-ed fitness centre with its operations pan globe. This gym chain has closed 30 company-owned and managed gyms in the month of April and declared bankruptcy in the month of May. A huge blow to gym enthusiasts indeed.
Hertz is an American car rental company with its headquarter in Florida. It used to operate 10000+ corporate and franchisee all across the globe. Due to the lockdown during this pandemic situation, as no one is travelling so no one is renting a car. This car giant has experienced a sudden and steep decrease in demand and hence filed bankruptcy. As per the financial experts, this has been considered the biggest bankruptcy filing of 2020.
PQ New York
This company is doing business as Le Pain Quotidien and operates bakeries and offers various breakfast, brunch and dining solutions. This company has closed all of its 98 units and sold them to another company. This was yet another shocking news for financial analysts worldwide.
This coronavirus pandemic situation has given the biggest lesson to mankind and that is “Life is unpredictable”. You should have a backup plan ready to curb any situation.
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