As a result, several big names filed for bankruptcy in 2023. A common route is Chapter 11 bankruptcy, which allows the company to solve its financial problems through reorganization. The beleaguered coworking-space company filed for Chapter 11 bankruptcy in November. Rite AidAfter a long chain of problems for drug stores, Rite Aid filed for Chapter 11 bankruptcy in October. Party CityAmerica’s largest party supplier filed for bankruptcy in 2023, hurt by big-box retailer competition, rising costs during the pandemic — and a helium shortage.

Source: CNN December 26, 2023 13:31 UTC