(Reuters) – U.S. companies are feeling the heat of decades-high interest rates and sticky inflation, with several filing for bankruptcy protection as the era of easy money draws to a close.
The tally of U.S. companies that have gone bankrupt so far in 2023 is higher than the first four months of any year since 2010, data from S&P Global Market Intelligence showed.
There were 54 corporate bankruptcy petitions in April, down from 70 in March, S&P Global said. Still, the year-to-date count more than doubled to 236 from a year ago.
Consumer discretionary companies logged a higher number of bankruptcies than any other sector in 2023, according to S&P Global, with the once high-flying retailer Bed Bath & Beyond among the latest victims.