WASHINGTON, Aug. 11 (Xinhua) -- U.S. corporate bankruptcies are on pace to reach a 10-year high in 2020, as the U.S. economy plunged into recession amid the COVID-19 pandemic, according to data from S&P Global Market Intelligence.
As of Sunday, a total of 424 U.S. companies have filed for bankruptcies this year, exceeding the number of filings during any comparable period since 2010, S&P Global Market Intelligence reported on Monday.
While bankruptcies have impacted a wide range of sectors amid the pandemic, consumer-focused industries were disproportionately hurt, with more than 100 companies going bankrupt, the report showed.
This included high-profile filings of retailers like Ascena Retail Group Inc., J.Crew Group Inc., J.C. Penney Co. Inc. and Neiman Marcus Group Inc, it added.
Some of the companies seeking bankruptcy protection were already facing issues before the pandemic, it said, adding that the crisis accelerated the pressure.
The rise of corporate bankruptcies came as the Trump administration and congressional lawmakers failed to reach a deal on the next COVID-19 relief bill.
Experts expect to see more bankruptcies, especially in consumer-facing industries, in the coming months as the pandemic continues ravaging the economy.
S&P Global Market Intelligence's analysis includes public companies with at least 2 million U.S. dollars in assets or liabilities at the time of filing, as well as private companies with public debt reaching at least 10 million dollars, the report said.
Overall, 35 companies that have filed for bankruptcies so far reported liabilities of more than 1 billion dollars, it added.
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