Though virtually every business faced pandemic-related struggles, few sectors had a harder time getting through 2020 than restaurants. Retailers that were once successful saw online shopping cut into their sales, even before the pandemic required social distancing. Many of the companies on this list failed to adapt to changing market forces and lost profits because of it. reviewed press releases, financial filings, and other news sources to find the major corporations that either went completely out of business or ceased the bulk of their operations. To determine the brands that disappeared between 20, 24/7 Wall St. These businesses will join a list of once-prominent brands that, for one reason or another (long before the pandemic), lost profitability and shut down in the past 10 years.
With this economic crunch, many struggling companies were forced to seek bankruptcy protection or cease operations altogether. While unemployment dropped to 6.7% in November, it is still more than 3 percentage points higher than it was prior to the escalation of the pandemic.
The COVID-19 pandemic caused major disruptions to the American economy, with the unemployment rate peaking at 14.7% in April.
Running a company is never easy, and 2020 was even more challenging, presenting business owners with an unprecedented set of circumstances.
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