The US Corporate bankruptcy filing hit a 12-year high in the first 2 months of 2023 at 111. Source: here and more details.
The average business bankruptcies for the past 5 years are at 18,899 annually. The average Chapter 11 Bankruptcy Filings for the past 5 years is at 6,440. Source: here and more details.
Chapter 11 Bankruptcy filing is referred to as, “reorganization bankruptcy.” Businesses file Chapter 11 in order to continue operations during the period of restructuring the finances and most likely the organization. Source: here for more details on Chapter 11.
The current economic condition in US is challenging for any business and most likely to face greater challenges.
What is the current state and for the balance of 2023 of your business now?
What is your mindset?
Even some of the 18 companies Jim Collins identified as “visionary company” – built to last are certainly under the microscope because of developments.
Now is the time to examine your company and its ability to continue in 2023, 2024 and for the next 100 to 200 years.
All the best on your journey.