Governance and Risk Advisory
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In a recent Bloomberg article, Disputes Consulting Managing Director Kelly Conlan discussed the ongoing impact of the pandemic on the travel and retail sector, “The next wave of filings will come from the companies which continue to be impacted by the pandemic, even after a vaccine is distributed.”
According to Kelly, providers of travel products and services are most at risk to file for bankruptcy as work-from-home measures are extended and clients transition to video communication. “Huge industries that relied on business travel won’t return to pre-Covid levels,” Kelly said, citing hotels and airlines as examples. “The whole system as we know it is beginning to contract. The usual end-of-the-year Christmas miracle isn’t happening this year.”
For retailers, measures including lease renegotiations in hopes of restructuring debt to avoid filing for bankruptcy are “band-aids to get through year’s end that will only last until early next year when a robust number of bankruptcy filings will come,” Kelly said.
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