这14家大企业在今年破产，明年会轮到谁？
随着疫情在美国爆发，一个又一个行业发现自家业务在3月份几近走到了停滞的边缘。各大零售商疲于应对数周的店面关闭问题，惊慌失措的购物者对生活必需品之外的其他商品兴趣寥寥，能源公司面临着需求大幅下滑以及随之而来的能源价格暴跌；医疗公司则在应对从更加标准化的治疗向新冠病毒治疗的转变，等等诸如此类。
结果，从标普全球市场情报的数据来看，截至12月13日，共有610家企业倒闭。这家评级机构称，该数字创下了2012年以来的新高，去年同期为552家。（标普会跟踪有债券交易的私营或上市公司。）
从2020年的破产企业清单来看，很少有行业能够逃过疫情引发的经济衰退。彭尼百货、Neiman Marcus和J.Crew这样的零售商，赫兹这样的汽车租赁巨头，CBL & Associates Properties这类的商场运营商，互联网提供商Frontier Communications，油田服务提供商Superior Energy Services以及医院运营商Quorum Health皆榜上有名。
这波破产潮对于百货商店、服饰公司以及其他销售非生活必需品的零售商来说尤为残酷。消费者倾向于前往能够一次性完成所有购物任务的大型商超，并专注于购买食品或家居改善之类的商品。标普称，约20%的破产申请来自于非必需品零售商，远高于其他任何门类。
即便疫苗已开始在美国上市，也能鼓舞民众抗击疫情的士气，但2021年对于美国整个企业界来说依然是一个难熬的年份。
尤为值得一提的是，零售行业有可能面临着更多的困境。11月疲软的消费支出数字便说明了这一点，在数千万失业民众得不到经济支持以及新限令出台的情况下，美国民众迅速地抑制了自己的消费。虽然大规模的疫苗接种可能会缓解这一局势，但依然需要数个月的时间才能实现。
标普正密切关注他们所认为的受压公司，以了解这些公司2021年的表现。其中零售业的公司包括Jo-Ann Stores、Rite-Aid、Party City和Belk；餐饮业中则包括了Potbelly和Noodles & Co.。
该机构预计，企业界的整体利润在2021年会有所增长，因为零售商无需在树脂玻璃隔断、路边取货区域以及其他类似项目中投入大量的资金。然而，那些在疫情之前便举步维艰、却莫名其妙地度过了2020年的公司还远未脱离险境。
穆迪副总裁麦琪•查德哈对《财富》说：“你将看到一些羸弱的选手从队伍中消失。”
以下是2020年各大行业最引人注目的一些破产及其按破产法第11章申请破产时的债务规模：
1、Frontier Communications（171亿美元）：电话和互联网服务提供商，因巨大的债务负担苦不堪言，而且公司对光纤基础设施投资过晚更加剧了这一局面。然而，Frontier有条件按第11章申请破产之后东山再起。
2、Neiman Marcus（53亿美元）：惨不忍睹的资产负债表，加之店面销售下滑，以及高档品牌更加卖力地通过其自营店和网站来进行销售，令这家奢侈品百货公司难以维持其经营。虽然公司已经脱离了破产保护，但也面临着更多同样的困难格局。
3、Diamond Offshore Drilling（63亿美元）：受春季全球经济基本停摆的影响，原油价格出现了创纪录的跌幅，海上原油勘探的需求降至冰点。
4、Tailored Brands（15亿美元）：疫情期间，由于数以百万计的员工开始居家办公，作为西服制作商Men's Wearhouse的母公司，Tailored Brands依然在努力消化其2014年收购Jos. A. Bank的交易，并出现了不可持续的销售大幅下跌。
5、The McClatchy Co.（15亿美元）：这家报社多年来因报纸订阅量的下降而举步维艰，继而于2月份申请破产。
6、CBL & Associates Properties（超过10亿美元）：长期以来，这家商场运营商的二级不动产一直在疲于应对到店客流量下滑的问题，而新冠疫情成为了压垮公司的最后一根稻草。
7、24 Hour Fitness Worldwide（超过10亿美元）：健身房是封锁期间最先关停、也是最后重新营业的行业，这也为24 Hour Fitness这样的连锁健身房带来了巨大的财务压力。
8、赫兹（超过10亿美元）：旅行（尤其是商务差旅）几近停滞，对于一家在应对其商业模式威胁方面并不怎么顺利的公司来说是致命的，因此公司不得不对债务进行重组。
9、Quorum Health（超过10亿美元）：这家经营着24家医院的公司一直被沉重的债务负担压的喘不过气来。新冠疫情让这一局面雪上加霜，因为疫情减少了医院开展择期手术的能力，而这类手术又是医院最赚钱的业务。
10、彭尼百货、J.Crew、Ascena Retail (Ann Taylor)、Stage Stores和Stein Mart：这些零售商在新冠疫情到来很久之前便已经在走下坡路，而服饰开支的大幅下跌暴露了其弱点。（财富中文网）
译者：冯丰
审校：夏林
随着疫情在美国爆发，一个又一个行业发现自家业务在3月份几近走到了停滞的边缘。各大零售商疲于应对数周的店面关闭问题，惊慌失措的购物者对生活必需品之外的其他商品兴趣寥寥，能源公司面临着需求大幅下滑以及随之而来的能源价格暴跌；医疗公司则在应对从更加标准化的治疗向新冠病毒治疗的转变，等等诸如此类。
结果，从标普全球市场情报的数据来看，截至12月13日，共有610家企业倒闭。这家评级机构称，该数字创下了2012年以来的新高，去年同期为552家。（标普会跟踪有债券交易的私营或上市公司。）
从2020年的破产企业清单来看，很少有行业能够逃过疫情引发的经济衰退。彭尼百货、Neiman Marcus和J.Crew这样的零售商，赫兹这样的汽车租赁巨头，CBL & Associates Properties这类的商场运营商，互联网提供商Frontier Communications，油田服务提供商Superior Energy Services以及医院运营商Quorum Health皆榜上有名。
这波破产潮对于百货商店、服饰公司以及其他销售非生活必需品的零售商来说尤为残酷。消费者倾向于前往能够一次性完成所有购物任务的大型商超，并专注于购买食品或家居改善之类的商品。标普称，约20%的破产申请来自于非必需品零售商，远高于其他任何门类。
即便疫苗已开始在美国上市，也能鼓舞民众抗击疫情的士气，但2021年对于美国整个企业界来说依然是一个难熬的年份。
尤为值得一提的是，零售行业有可能面临着更多的困境。11月疲软的消费支出数字便说明了这一点，在数千万失业民众得不到经济支持以及新限令出台的情况下，美国民众迅速地抑制了自己的消费。虽然大规模的疫苗接种可能会缓解这一局势，但依然需要数个月的时间才能实现。
标普正密切关注他们所认为的受压公司，以了解这些公司2021年的表现。其中零售业的公司包括Jo-Ann Stores、Rite-Aid、Party City和Belk；餐饮业中则包括了Potbelly和Noodles & Co.。
该机构预计，企业界的整体利润在2021年会有所增长，因为零售商无需在树脂玻璃隔断、路边取货区域以及其他类似项目中投入大量的资金。然而，那些在疫情之前便举步维艰、却莫名其妙地度过了2020年的公司还远未脱离险境。
穆迪副总裁麦琪•查德哈对《财富》说：“你将看到一些羸弱的选手从队伍中消失。”
以下是2020年各大行业最引人注目的一些破产及其按破产法第11章申请破产时的债务规模：
1、Frontier Communications（171亿美元）：电话和互联网服务提供商，因巨大的债务负担苦不堪言，而且公司对光纤基础设施投资过晚更加剧了这一局面。然而，Frontier有条件按第11章申请破产之后东山再起。
2、Neiman Marcus（53亿美元）：惨不忍睹的资产负债表，加之店面销售下滑，以及高档品牌更加卖力地通过其自营店和网站来进行销售，令这家奢侈品百货公司难以维持其经营。虽然公司已经脱离了破产保护，但也面临着更多同样的困难格局。
3、Diamond Offshore Drilling（63亿美元）：受春季全球经济基本停摆的影响，原油价格出现了创纪录的跌幅，海上原油勘探的需求降至冰点。
4、Tailored Brands（15亿美元）：疫情期间，由于数以百万计的员工开始居家办公，作为西服制作商Men's Wearhouse的母公司，Tailored Brands依然在努力消化其2014年收购Jos. A. Bank的交易，并出现了不可持续的销售大幅下跌。
5、The McClatchy Co.（15亿美元）：这家报社多年来因报纸订阅量的下降而举步维艰，继而于2月份申请破产。
6、CBL & Associates Properties（超过10亿美元）：长期以来，这家商场运营商的二级不动产一直在疲于应对到店客流量下滑的问题，而新冠疫情成为了压垮公司的最后一根稻草。
7、24 Hour Fitness Worldwide（超过10亿美元）：健身房是封锁期间最先关停、也是最后重新营业的行业，这也为24 Hour Fitness这样的连锁健身房带来了巨大的财务压力。
8、赫兹（超过10亿美元）：旅行（尤其是商务差旅）几近停滞，对于一家在应对其商业模式威胁方面并不怎么顺利的公司来说是致命的，因此公司不得不对债务进行重组。
9、Quorum Health（超过10亿美元）：这家经营着24家医院的公司一直被沉重的债务负担压的喘不过气来。新冠疫情让这一局面雪上加霜，因为疫情减少了医院开展择期手术的能力，而这类手术又是医院最赚钱的业务。
10、彭尼百货、J.Crew、Ascena Retail (Ann Taylor)、Stage Stores和Stein Mart：这些零售商在新冠疫情到来很久之前便已经在走下坡路，而服饰开支的大幅下跌暴露了其弱点。（财富中文网）
译者：冯丰
审校：夏林
One industry after another saw activity grind to a near halt in March as the pandemic broke out in the United States. Retailers contended with stores closed for weeks and shoppers too shellshocked to spend on anything but essentials; energy companies faced big declines in demand and, by extension, prices; health care companies dealt with the sector's shift toward addressing COVID and away from more standard care—and the list goes on.
The result has been 610 bankruptcies as of Dec. 13, according to S&P Global Market Intelligence. That statistic is the highest it's since 2012, according to the ratings agency and compares to 552 bankruptcies over the same period last year. (S&P tracks companies, private or publicly traded, with debt traded on the markets.)
Few sectors were spared by the pandemic-fueled recession, judging by the roster of 2020 bankruptcies. That list includes retailers such as J.C. Penney, Neiman Marcus, and J.Crew, car rental giant Hertz, mall operator CBL & Associates Properties, Internet provider Frontier Communications, oilfield services provider Superior Energy Services, and hospital operator Quorum Health.
The wave of bankruptcies was particularly brutal for department stores, clothing companies, and other retailers selling nonessential goods. Consumers gravitated to big-box stores where they could do all their shopping under one roof, and they focused on things like food and home improvements. About 20% of the bankruptcy filings were by nonessential retailers, according to S&P—far more than any other category.
Even as the rollout of vaccines begins in the United States, giving people a much needed morale boost, 2021 will still be a tough one for U.S. companies overall.
Retail, in particular, is likely in for additional pain. As November's soft consumer spending numbers show, Americans are quick to hold back in the absence of support for the millions without work, or in the presence of new restrictions. And mass vaccinations, which may alleviate the situation, are still months away.
The ratings agencies are keeping a close eye on companies they consider distressed to see how they fare in 2021. On the retail side, that means businesses such as Jo-Ann Stores, Rite-Aid, Party City, and Belk; in the restaurant sector, they include Potbelly and Noodles & Co.
The agency expects overall profits to be up in 2021 since retailers won't have to invest as much in things like plexiglass dividers, curbside pickup areas, and other such items. But companies that were struggling before the pandemic, and somehow slogged through 2020, are very far from being out of the woods.
"You're going to see some weaker players fall off," Moody's vice president Mickey Chadha tells Fortune.
Here are some of the most notable 2020 bankruptcy filings across different industries, with size of liabilities at the time of a company's Chapter 11 petition:
1.Frontier Communications ($17.1 billion): The phone and Internet service provider choked under an enormous debt load and investments in fiber infrastructure that came too late. Yet Frontier is poised to emerge from Chapter 11 soon.
2.Neiman Marcus ($5.3 billion): The luxury department store's weak balance sheet proved untenable at a time of declining store sales and upscale brands getting more aggressive about selling via their own stores and sites. It has emerged from bankruptcy protection but faces more of the same tough landscape.
3.Diamond Offshore Drilling ($6.3 billion): A record drop in crude oil prices as the global economy practically shut down in spring destroyed demand for oil exploration at sea.
4.Tailored Brands ($1.5 billion): With millions of men working from home during the pandemic, the parent company of suit purveyor Men's Wearhouse, still struggling to digest its 2014 acquisition of Jos. A. Bank, experienced an untenable sales plunge.
5.The McClatchy Co. ($1.5 billion)：The newspaper company had been struggling with declining print subscriptions for years, leading to its bankruptcy filing in February.
6.CBL & Associates Properties (more than $1 billion): The mall operator's second-tier properties have been grappling with declining shopper visits for some time, and COVID-19 pushed the company over the edge.
7.24 Hour Fitness Worldwide (more than $1 billion): Gyms were among the first businesses closed during lockdowns and the last to be allowed to reopen, leading to enormous strains on the finances of chains like 24 Hour Fitness.
8.Hertz (more than $1 billion): The near halt in travel, particularly business travel, proved too much for a company struggling to deal with threats to its business model, forcing it to restructure its debt.
9.Quorum Health (more than $1 billion): The operator of 24 hospitals struggled with a heavy debt load made tougher to bear as the COVID-19 pandemic reduced its ability to perform elective procedures that are most profitable to hospitals. (It exited Chapter 11 in June.)
10.J.C. Penney, J.Crew, Ascena Retail (Ann Taylor), Stage Stores, and Stein Mart: These retailers had been wobbly long before COVID-19 arrived and decimated apparel spending, exposing their weaknesses.
