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The first wave of COVID bankruptcies has arrived

The first wave of COVID bankruptcies has arrived Updated: February 26 Published February 26 Share on Facebook Print article A New Albany, Ohio, music school offering piano, guitar and violin lessons racked up nearly $1 million in loans and $35,000 in credit card debt. A fine dining restaurant in Providence, R.I., received more than $450,000 in federal small-business funds to help pay workers but still had to close its doors. A nonprofit overseeing the Kit Carson Home and Museum in Taos, N.M., welcomes visitors to learn about the famous frontiersman but listed just $17,000 in assets even after every bone-handled knife, buffalo hide apron and flintlock musket had been tallied.

Bankruptcies are pummeling the real estate, energy, retail and restaurant industries a year into the pandemic

The wave of covid bankruptcies has begun

Stores closing 2021: Will Macy's, Victoria's Secret, JCPenney close?

There s one bright spot retailers are in a position to benefit from:  E-commerce sales growth has been enormous and is expected to continue. Moody s projected growth of 14% to 15% for e-commerce sales in 2021, even as people are expected to return to stores as the pandemic ebbs.  Here s a list of major retailers for whom 2021 could be a make-or-break year based on USA TODAY research, public data and analyst reports: J.C. Penney The company was at risk of total liquidation for months as it negotiated with its creditors. After reaching a deal to sell to a consortium of property owners, including mall company Simon Property Group, J.C. Penney emerged from bankruptcy in December having closed more than 150 stores.