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Study: U.S. bankruptcies on track to hit 10-year high

A total of 424 U.S. companies have gone bankrupt this year as of Aug. 9. This exceeds the number of filings during any comparable period since 2010. 
According to the recent S&P Global Market Intelligence bankruptcy report, bankruptcies have impacted a wide swath of sectors so far in 2020 amid the coronavirus pandemic. But consumer-focused industries were disproportionately hurt.

Over 100 consumer-focused companies went bankrupt this year. This included high-profile filings of retailers like Ascena Retail Group, J.Crew Group, Lord & Taylor, J.C. Penney Co., and Neiman Marcus Group Inc.

Some of the companies that sought bankruptcy protection were already facing issues before coronavirus, and the crisis accelerated the pressure, experts said.

"Anybody who was more physical or in trouble in the retail space to begin with got hammered and they're there," John Blank, chief equity strategist for Zacks Investment Research, said in the report.

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