US bankruptcies surge: 275 companies bankrupt in 2024, consumer spending weakens, Red Lobster files.

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  • Overall Bankruptcy Filings:
  • Business vs. Non-Business Filings:
    • Business filings increased by 40.4%, from 14,467 in March 2023 to 20,316 in March 2024.
    • Non-business filings rose by 15.1%, from 388,806 in March 2023 to 447,458 in March 2024.
  • Historical Context:
    • The current 12-month filing total for the quarter ending March 31, 2024, is nearly three-fifths of the total reported in March 2020 when the pandemic disrupted the U.S. economy.
    • In March 2020, the total was 764,282 filings.
  • Notable Business Bankruptcies:
    • Red Lobster’s recent bankruptcy filing is one example, reflecting the challenges faced by consumer discretionary companies.
    • Other large firms have also sought bankruptcy protection, contributing to the trend.
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