When the novel coronavirus began to spread beyond China in February, it quickly became apparent that the coming economic crisis would claim many companies—large and small—as victims.
Fast forward four months and the number of bankruptcies continues to grow. On Wall Street, the crisis has claimed a number of high profile names across the economic landscape, including legacy retailer JC Penney Company Inc (Pink: JCPNQ), car rental giant Hertz Global Holdings (NYSE: HTZ), oil driller Whiting Petroleum (NYSE: WLL), and high-speed internet company Frontier Communications Inc (Pink: FTRCQ).
Some of these bankruptcies were hardly surprises, as the economic freeze brought upon by the pandemic simply put undue stress on businesses in long-term decline. What has caught many by surprise however is the rally that