US corporate bankruptcies in June reach highest monthly level since early 2020

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Corporate bankruptcies in the United States surged to their highest monthly level in June 2024 since early 2020. A total of 75 companies filed for bankruptcy during that month, surpassing the numbers seen in June and July of 2020The increase in bankruptcies is attributed to factors such as high interest rates and rising wages, which have put pressure on companies, especially in the consumer discretionary sector. Notable companies like electric vehicle manufacturer Fisker Inc. and Redbox parent company Chicken Soup for the Soul Entertainment Inc. were among those filing for bankruptcy in June. Year-to-date, there have been 346 corporate bankruptcies, marking the highest total since 2010. The consumer discretionary sector has been particularly affected, with 55 bankruptcies in the first half of 2024. These trends reflect the economic challenges faced by businesses in the current environment.

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