Large U.S. companies filed for bankruptcy at the fastest pace in 15 years during the first quarter of 2025, according to S&P Global Market Intelligence.
U.S. Companies are declaring bankruptcy at the fastest pace in 15 years
4/24/2025
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A total of 188 large corporate bankruptcies were recorded through March—marking the highest number since 254 were filed in the first quarter of 2010, S&P said in a report Thursday. By comparison, 139 large companies filed for bankruptcy during the same period last year.
Among the firms that sought court protection in March were the U.S. retail operator of Forever 21, Canadian telecom company Mitel Networks, and Village Roadshow Entertainment Group. Also filing were genetic testing firm 23andMe and restaurant chain Hooters of America.
“Companies, especially those with weaker balance sheets, continue to face headwinds as they try to refinance maturing debt at interest rates far higher than when that debt was originally issued,” S&P noted.
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The elevated pace of filings builds on a recent trend, with corporate bankruptcies rising over the past few years. Bloomberg previously reported that the number of companies filing repeat bankruptcies in 2023 and 2024 was the highest for any two-year stretch since 2020.
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