The UK arm of American lingerie, clothing and beauty retailer Victoria’s Secret fell into administration on 5 June 2020, putting 800 jobs at risk and potentially jeopardising the longevity of its 25 UK stores.
102-year-old car rental company Hertz has filed for Chapter 11 bankruptcy in the USA and Canada, due to a sharp reduction in global travel following the coronavirus outbreak.
Insolvent airline Flybe owes law firms £100,000 in legal fees as a result of creditor claims, following its collapse on 5 March 2020.
Avianca is Latin America’s second-largest airline and the world’s second oldest airline. On 10 May the company filed for Chapter 11 bankruptcy in New York, where it is listed on the New York Stock Exchange, having failed to meet a $66m bond payment deadline. The airline’s plea for aid from the Columbian Government has so far been unsuccessful.
JCPenney (“JCP”), a cornerstone retailer in US shopping malls, has joined a myriad of American brick-and-mortar chains to file for bankruptcy, following years of debt overload which had been worsened by the coronavirus pandemic.
The Italian restaurant chain Carluccio’s is facing imminent financial collapse, given the impact of the COVID-19 pandemic on the “casual dining” industry.
Debenhams prepares to file for bankruptcy after formally appointing restructuring firm FRP Advisory to act as administrator.
The government has announced plans to change insolvency laws. The aim is to give firms more breathing space in their fight with the effects of the coronavirus. The changes will be enacted after Easter, when parliament returns from recess.
Luxury carmaker Aston Martin, whose cars are well-known for featuring in the James Bond franchise, received a £500m rescue deal after a rough trading performance in 2019.
Careem, the Dubai-based ride-sharing company owned by Uber, announced it is pulling out of operations in Oman after 3 February 2020.