McKool Smith principal John Sparacino was quoted in Fox Business article, "Coronavirus Could Push US Bankruptcies to Worst Levels in 10 Years." The article states, "The coronavirus pandemic has pushed U.S. companies to go bankrupt at a rate that could make 2020 the worst year for bankruptcies since 2010 during the fallout of the Great Recession, according to a new report from S&P Global. More companies have gone bankrupt through Aug. 9 of this year compared to the same period in previous years going back to 2010. As the article referenced the variety of companies filing for bankruptcy, John stated, "In those types of cases, the big restaurant chains, big retail chains, more often than not they don’t just disappear a la Toys 'R' Us. Usually, the more common outcome is you might see a significantly smaller footprint. You might see 800 locations go to 400 locations. The retail story and the energy story is somewhat obvious. We’re starting to see some of the restaurant chains dip into bankruptcy also, like California Pizza Kitchen." Read the full article here.
