It’s the beginning of the new year, and many major companies are announcing bankruptcy. A list of 10 retailers to watch for bankruptcy in 2023 includes companies like Party City and Bed Bath & Beyond, which recently announced.
Party City was once the essential resource for all of your party needs. A recent report shows the party supplier is prepared to file for bankruptcy in the next few weeks. According to the Wall Street Journal, the company is struggling with a shortage of cash while also struggling with a downturn in sales due to inflation. By the third quarter of 2022, the company’s stock was down more than 90%, with $1.8 billion in debt.
Bed Bath & Beyond is also struggling to stay afloat in the new year. The company recently announced it was filing for bankruptcy even after downsizing its number of store locations. Reports show the company is trying to maneuver around some its debt with only $135 million in cash.
If these companies can avoid filing for bankruptcy, it will be interesting to see how they do it. They are likely at the fifth stage of a company going bankrupt: “Capitulation to Irrelevance or Death.” At this stage, all hope is lost, employees are afraid, and many are quitting.
If you’re not at this stage, there is hope to save your company. One solution is taking it back to the basics. Valuetainment Founder Patrick Bet-David lists the other four steps before a company files bankruptcy and what type of people you need on your team to avoid this. Watch the video below.
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