US bankruptcies are on their way to a ten-year high with 424 companies filing on August 9, according to S&P Global Market Intelligence. The group’s analysis took into account both public and private companies with public debt. Coronavirus has hit consumer businesses hard, with more than 100 bankruptcy filings including Mr. Wearhouse parent Tailored Brands Inc. TLRD,
department store Lord & Taylor and Brooks Brothers workwear retailer. There are almost 1
and small engine manufacturer Briggs & Stratton Corp. is among the 35 companies that have filed more than $ 1 billion in debt. Consumer Discretionary Select Sector SPDR ETF XLY,
has increased by 13.3% during the year, while the S&P 500 index SPX,
is up 4% and Dow Jones Industrial Average DJIA,
has lost 2.6%.