Bankruptcies are on the rise as COVID-19 cases surge

CBS News Reports: Bankruptcies surging as coronavirus levels the U.S. economy

Corporate bankruptcies are on the rise as COVID-19 cases continues to surge. Through June 30th, more than 3,600 Chapter 11 filings by companies. This is a 26% jump from 2019. In June alone, filings increased 43%.

Chuck E. Cheese, Hertz, J. Crew, J.C. Penney, and Neiman Marcus are just a few of the brand-name players that have declared bankruptcy this year after sales slumped during the pandemic. But financial experts think the worst is yet to come, with retailers and oil patch companies particularly vulnerable in what amounts to the sharpest drop in economic growth in decades.

While bankruptcy doesn't full imply that a company is collapsing, it is not a great indicator for the US economy.