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Mandy Dalton is a professional clown. She likes to make kids laugh. "We're kind of the blue-collar workers of the entertainment industry. We get paid contractually," she said. "We're the ones that have to show up with a big smile on our face and make sure everyone is having a good time." |
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U.S. Companies Axe 532,000 Jobs in May; Bernanke: U.S. Must Plan Now to Control Debt; Microsoft Threatens Outsourcing if Tax Bill Passes; U.S. Business Bankruptcies Surge By 40%; Microsoft-Yahoo Still Unglued; Bob Evans Beats Forecasts; |
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As the effects of the recession continue, the high number of business bankruptcies—7,514 in May, up 40% from the prior year—shows few signs of abating. That's because the factors pushing companies into bankruptcy, including depressed sales and tighter credit, may linger even when the economy starts growing again, especially if the recovery is less than robust. |
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Americans continued seeking bankruptcy relief at a faster pace as more than 120,000 petitions were filed in May. Filings last month represent a 3 percent increase over April and 42 percent more than the same month in 2008, according to data compiled by Automated Access to Court Electronic Records. |
| Business Week’s recent article seems to think so. More than 100,000 companies—about one in every 270 American businesses—have landed in bankruptcy court since the downturn began 18 months ago, according to data compiled by Oklahoma City-based Jupiter eSources. |
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