There are 70 Major Bankruptcies in Just 4 Months This Year

[Ptarmigan]

There are 70 Major Bankruptcies in Just 4 Months This Year
https://mishtalk.com/economics/there-are-8-major-bankruptcies-in-just-4-months-this-year

For 2009 there were 118 bankruptcies through April. In Covid-impacted 2020, there were 71 bankruptcies. In 2023 there have been 70.

This is the third worst start to the year since 2000. Here's the Tweet.

2023 Bankruptcy Spotlight

Bed Bath & Beyond: April 2023: Home goods, baby goods
David’s Bridal: Date: April 2023: Bridal apparel
Boxed: April 2023: An e-commerce platform selling wholesale consumer goods
Independent Pet Partners: February 2023: Pet supplies
Tuesday Morning: February 2023: Discount home goods
Serta Simmons Bedding: January 2023: Bedding and accessories
Party City: January 2023: Party supplies
Forma Brands: January 2023: Beauty products

There have been 70 major bankruptcies in 2023 to date. Only 2009 and 2020 have more. It exceeds 2008.

[Ptarmigan]

The Banking Collapse Of 2023 Is Now Officially Bigger Than The Banking Collapse Of 2008 Was
https://theeconomiccollapseblog.com/the-banking-collapse-of-2023-is-now-officially-bigger-than-the-banking-collapse-of-2008-was/

Yes, you read the headline correctly.  Collectively, the three big banks that have collapsed in 2023 had more assets than all 25 banks that collapsed in 2008 did.  Unfortunately, the banking collapse of 2023 is far from over.  We still have eight more months to go before this year is done, and many more banks are currently teetering on the brink of disaster.  Executives at those banks are telling us not to worry, but of course executives at First Republic were issuing similar assurances just last week.  Personally, I had heard that First Republic supposedly had enough reserves to keep going for months.  But that was a lie, and now First Republic is toast.  The following comes from the official statement that the FDIC issued when it took over the bank…

First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.

JPMorgan Chase Bank, National Association submitted a bid for all of First Republic Bank’s deposits. As part of the transaction, First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.

The government was not going to allow just anyone to snap up the assets of First Republic.

The 3 bank collapses so far had more assets lost than in 2008. 2023 is not even over yet. Very startling.