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(The Economic Collapse Blog)—Businesses are declaring bankruptcy at a much faster rate than they did last year. Thousands upon thousands of once thriving businesses are failing, but this just must be another sign that the economy is “fine”. No matter how bad the numbers get, we are assured that the people running things have everything under control and that the outlook for the future is wonderful. Of course I understand that this is an election year and virtually everyone is trying to put their own unique spin on things. But there is no possible way that you can make numbers like these look good…
Personal and business bankruptcy filings rose 16.2 percent in the twelve-month period ending June 30, 2024, compared with the previous year.
According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 486,613 in the year ending June 2024, compared with 418,724 cases in the previous year.
Business filings rose 40.3 percent, from 15,724 to 22,060 in the year ending June 30, 2024. Non-business bankruptcy filings rose 15.3 percent to 464,553, compared with 403,000 in the previous year.
Read that last line again.
Business bankruptcy filings were up by more than 40 percent in just one year. But don’t worry. Everything is “fine”.
Sadly, more businesses continue to file for bankruptcy with each passing day. Earlier this week, I was saddened to learn that even Avon has been forced to file for bankruptcy…
Avon Products filed for Chapter 11 bankruptcy on Monday as the beauty brand looks to address its debt and legal liabilities stemming from lawsuits that alleged its talc-based products were contaminated with cancer-causing substances.
The holding company hasn’t sold Avon products in the U.S. since it divested its North America business in 2016, but remains the holding company for the Avon brand’s operating entities outside the U.S.
Once upon a time, Avon was one of the most iconic brands in the beauty industry.
But now times have changed.
Also on Monday, a chain of gyms that has more than 100 locations in seven states announced that it had filed for bankruptcy…
Gym chain Blink Fitness announced Monday that it filed for Chapter 11 bankruptcy.
The Chapter 11 filing is meant to help the Equinox Group-owned chain “execute an efficient and value-maximizing sale process to optimize its footprint and position the business for long-term success,” according to a news release.
Blink said it will keep its gyms open in the meantime. It has more than 100 locations spread across seven states.
I could give you endless examples if you would like.
LL Flooring is another big name that has decided that it is time to file for bankruptcy…
One of America’s biggest flooring suppliers has filed for bankruptcy – the latest in a long line of retailers this year to face money problems.
LL Flooring will shut 94 of its 442 stores, which are spread out across 47 states, to cut costs and make the company attractive to a buyer.
The retailer, which specializes in hardwood flooring, has faced falling sales over the past year as families cut back on remodelling their homes.
Needless to say, this tsunami of bankruptcies is going to cost a lot of people their jobs.
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When Rite Aid filed for bankruptcy protection, they originally indicated that 154 stores would be closing…
After filing for Chapter 11 bankruptcy protection in October, Rite Aid announced it would initially shutter 154 underperforming stores across a dozen states.
Since that time, Rite Aid has announced the closing of an additional 702 locations…
Rite Aid has now shut almost all of the stores it once had in Michigan and Ohio – as it cuts all ties with the two Midwest states.
In total across the US, the drugstore has now closed 856 stores since October 2023 – more than a two-fifths of the roughly 2,000 locations it operated before it fell into bankruptcy.
The latest closures – 74 so far in August- were all in the two Midwest states apart from one each in California and Washington. That is on top of 169 in July, all in Ohio and Michigan.
It is probably just a matter of time before the entire chain goes belly up and everyone that works for Rite Aid loses their jobs.
Speaking of failing drug store chains, Walgreens is in the process of closing more than 2,000 locations…
Walgreens Boots Alliance will close a significant portion of its roughly 8,600 U.S. stores as the pharmacy chain seeks to turn around its struggling business, which has been hit by inflation-weary customers paring their spending.
“The current pharmacy model is not sustainable,” CEO Tim Wentworth told investors on a Thursday earnings call.
With 75% of the company’s U.S. stores accounting for 100% of its adjusted operating income, the company plans to examine the remaining 25% of its stores for closures, which would occur over the next three years, said the executive, who took the company’s helm in 2023. Shuttering 25% of its 8,600 U.S. locations would result in about 2,150 store closures.
Of course it isn’t just retailers that are laying off workers.
According to Fox Business, Paramount has started the process of laying off approximately 15 percent of its total workforce…
Paramount has begun laying off a significant portion of its workforce, with hundreds of employees expected to be cut in the coming weeks.
A memo signed by co-CEOs Chris McCarthy, Brian Robbins, and George Cheeks was leaked to entertainment outlets on Tuesday, including Deadline, in which the chief executives braced employees for the cuts.
“This process will take place in three phases, starting today and continuing through the end of the year,” the memo reads. “We expect 90% of these actions to be complete by the end of September.”
Employers all over the country are conducting mass layoffs, but the government is telling us that unemployment is low.
Thousands upon thousands of businesses are declaring bankruptcy, but the government is telling us that the economy is booming.
The cost of just about everything just keeps going up, but the government is telling us that inflation is under control.
You can believe them if you want.
But they aren’t going to be able to hide the truth for long.
Decades of very bad decisions are starting to catch up with us in a major way, and unprecedented chaos is ahead.
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So instead of using this summer to party, I am encouraging all of my readers to prepare for the very difficult months and years that are in front of us.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
Here’s the Sign That Kamala Is Worried After the Debate, and What Trump Has to Say About It
by Red State
As I predicted, the media is going to declare Kamala Harris the winner no matter how it went, and yes, they’re already off to the races. That was a foregone conclusion. Former President Donald Trump wasn’t just dealing with one opponent; he had to deal with the hostile moderators as…
Another 9/11 Anniversary, and We Have Still Learned Nothing
by Frontpage Mag
In the wake of the September 11, 2001 attacks which turned the World Trade Center into a hellscape, the U.S. invaded Afghanistan, where the Taliban government had protected the 9/11 mastermind, Saudi cleric Osama Bin Laden. Two years later, we invaded Iraq at least partly on the premise that Saddam…
Kamala Shamelessly Lied Her Head Off Throughout the Debate
by Red State
I guess it was a foregone conclusion that the ABC debate was going to be a mess, but people were yelling about the moderators not being fair from the jump. It’s pretty clear why Vice President Kamala Harris only wanted to do a debate with ABC, given the bias they…
Debate Moderator Fact-Checks Trump on Botched Abortions, Ignores Eight Babies Who Died in Minnesota
by Just The News
One of the ABC News debate moderators on Tuesday fact-checked former President Donald Trump on babies who survive botched abortions, saying that they aren’t killed. But Minnesota records show eight babies in recent years have in fact survived botched procedures but then died after being denied life-saving care. Trump said…
Fact Check: Kamala Harris Claims She Was Raised in the Middle Class
by Breitbart
CLAIM: Vice President Kamala Harris claimed during Tuesday night’s presidential debate that she had a middle-class upbringing. VERDICT: Mostly false. Harris had a rich Canadian upbringing, growing up in Westmount — a majority English neighborhood in the French province of Quebec. When asked if Americans are better off today than…
Kamala’s Open Doors for Violent Inadmissible Illegals
by Frontpage Mag
Despite the discovery of widespread fraud, the Biden-Harris administration decided to resume its mass migrant parole sponsorship program under which hundreds of thousands of migrants from Cuba, Haiti, Nicaragua, and Venezuela have already been allowed into the United States. As the Center for Immigration Studies explained, “To hide the massive…
New theory drops: CNN is now rooting for President Trump because their ratings suck so bad…
by Revolver News
As the 2024 election creeps closer, the theories are piling up. Everyone’s got an agenda, and the rumors about what’s “really” happening are flying fast and furious. However, one thing that’s got people scratching their heads is CNN’s behavior. They’ve been pretty tough on Kamala Harris for a while now….
Report: High-Ranking U.S. Secret Service Official Asked to Retire in Wake of Attempt on Donald Trump’s Life
by Breitbart
A high-ranking official within the U.S. Secret Service has reportedly been asked to retire and will soon end his tenure with the agency. Fox News on Tuesday identified the individual as Office of Protective Operations Assistant Director Michael Plati. He has over 26 years of federal law enforcement and homeland…
Police Audio, Report Confirm Haitian Goose-Hunting in Ohio: ‘They All Had Geese in Their Hands’
by The Federalist
A recording of a police phone call obtained by The Federalist reveals a local resident reporting a group of Haitian migrants carrying four geese in Springfield, Ohio two weeks ago. “I’m sitting here, I’m riding on the trail, I’m going to my orientation for my job today, and I see…
Israeli Official Suggests Offering Hamas Leader Safe Passage Out of Gaza in Exchange for Hostages
by Just The News
An Israeli official this week teased an offer to allow safe passage for Hamas leader Yahya Sinwar out of Gaza, if the terrorist organization releases all of its remaining hostages. Israel’s Coordinator for Hostages and the Missing Gal Hirsch said Sinwar, who is considered the architect of the October 7…
Texas Cops Capture Venezuelan Killers Linked to Murders
by Dallas Express
Four members of a violent Venezuelan gang who were encountered at the Texas-Mexico border and released by the Biden-Harris administration have been arrested in Colorado. U.S. Immigration and Customs Enforcement officials confirmed to Fox News correspondent Bill Melugin that four known and suspected members of the Venezuelan gang, Tren de…
State Treasurers Warn Costco, Walmart, Kroger, Albertsons to Not Sell Dangerous Abortion Pill
by Life News
Treasurers and state financial officers representing 14 states sent letters Monday to Costco, Walmart, Kroger, Albertsons, and McKesson calling on C-suite leaders to resist political pressure to begin selling the chemical abortion drug mifepristone at their pharmacies. The letters were signed by state financial officers of Texas, Alaska, Idaho, Kansas,…
Biden and Harris Issued 300 Executive Orders to Erase America’s Border
by The National Pulse
The Biden-Harris government has issued nearly 300 executive orders to implement its mass immigration and open-border policies, according to Senator John Kennedy (R-LA). Additionally, the Louisiana Republican stressed this all occurred during Joe Biden and Kamala Harris’s first year in office. “Reminder: The Biden-Harris White House wrote nearly 300 executive…
Realizing Mass Migration’s Cost, Europe Is FINALLY Saying “No!”
by The New American
Less than a decade ago, Sweden was accepting more migrants relative to its population than any other nation on Earth. Its state TV ran ads proclaiming “My country is also yours” and that Swedes must integrate into the new multicultural reality. Now, this year, more migrants will leave Sweden than…
Congressman Eric Burlison Turned Away From DC Jail Where January 6th Political Prisoners Are Being Held! What Are They Hiding?
by The Gateway Pundit
Representative Eric Burlison of Missouri tried to visit the DC Gulag, where January 6th Political prisoners have been held for years. He was turned away at the door by jail employees. See his viral X post here that already has 1.4 million views…
‘Vote Trump’: RFK Jr Tells Voters in All States ‘A Trump Victory Is a Kennedy Victory’
by The Post Millennial
In a video posted by Robert F. Kennedy on X Tuesday, the former independent presidential candidate encouraged all of his supporters to vote for Republican presidential candidate former President Donald Trump because “a Trump victory is a Kennedy victory” Kennedy posted on X: “Bottom line: No matter what state you…
“Spoiled Brats”: Greenpeace Co-Founder Supports Texas Billionaire’s Campaign to Bankrupt His Old Group
by NIck Pope, Daily Caller News Foundation
(DCNF)—One of the original founders of Greenpeace told the Daily Caller News Foundation that he hopes to see Greenpeace USA lose a lawsuit that threatens the group’s existence. Patrick Moore, who was listed on Greenpeace’s website as one of the original founders as recently as 2007 before the organization attempted…