Families aren't the only ones struggling. Some big businesses may bite the dust too, due to this crisis.
A recent U.S. Chamber of Commerce report discovered that over 40% of small businesses are concerned they may shut their doors within six months if economic conditions don't change soon.
While the government's rescue plans have focused on families and small businesses, there are several big businesses that are in big trouble as well. Most of these well known names that are on the fence, were struggling prior to the crisis, and there's no denying that recent events could push them over the edge.
Several of these businesses had their corporate filings and news reports reviewed by 24/7 Wall Street, and here are a few that are in real trouble:
J. C. PENNEY - This retailer, and also one of the anchor stores at our own Old Hickory Mall, is reportedly considering filing bankruptcy. They are carrying a multi-billion dollar debt load and were unable to pay their $12 million interest payment in April. They had already shuttered over 200 stores since 2015, and were scheduled to close 6 more this year.
AMC THEATERS - While we don't have an AMC Theater located in Jackson, there are 20 locations scattered across the state, and another 640 locations nationwide...and all still temporarily closed. The company has over $5 billion in outstanding debt and now losing revenue with closed doors...they're in trouble. The rumor mill had Amazon considering buying up their stock, but unless that occurs, it appears bankruptcy and/or closing doors or selling assets after this crisis will be their only options for survival.
Other well known names in trouble due to the crisis:
BED BATH & BEYOND, STUBHUB, HERTZ, STEAK 'N SHAKE, GNC, NORDSTROM, GOLD'S GYM, RUBY TUESDAY, BEST BUY, AND REVLON.
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Meanwhile, if this crisis has created a personal financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!
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