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.
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.