During the past 1 year, the global scenario for business has turned out to be worse due to the pandemic. During the previous year, things have been very worrisome for the entire business community. Various companies went bankrupt and suffered closure and various employees were rendered jobless. The global pandemic wreaked havoc with the global financial system. The companies that got bankrupt have been irreparable. Now, analysts are of the view that things will get normal by year 2024 and the travel industry will get back to normal by year 2025. As, the coronavirus vaccine has arrived, the global economy is gaining momentum and things are getting normal. But still, we are far away from the pre-coronavirus normal. It is anticipated that the concept of doing business will change altogether in the new normal and the new entrepreneurs are likely to take steps to sustain business for a longer period. In this article we have gathered information about some of the companies which got bankrupt. The research was carried out by Insider Monkey in one of their Yahoo articles. So, let us discuss Top 8 Bankrupt Companies below.
One of the bankrupt companies is Lehman Brothers. The total assets of this company at the time of bankruptcy were $691.1 billion and it got bankrupt on September 15, 2008. During the recession of 2008, the collapse and bankruptcy of Lehman Brothers was one of the high-profile casualties. Lehman Brothers was one of the biggest banks in the US and since its existence for over one and a half century, the company officially voted for bankruptcy. At the time, it filed for bankruptcy, it had a workforce of 25,000 people were immediately terminated. Another company which got bankrupt was Refco. This company got bankrupt on October 17, 2005 and at the time of its bankruptcy, the company owned assets worth of $33.33 billion. Refco was headquartered in New York and it provided financial services. The company did not file for bankruptcy because of the global financial crisis of the year 2008. Instead, it got bankrupt much earlier to the recession because the company CEO hid 430 million in bad debts. Doesn’t this information sound interesting? Do you want to read more about other companies? We discussed only two companies and there are various other bankrupt companies. You can read about them in this article 15 Biggest Companies That Went Bankrupt.