If you go to interview people who are engaged in domestic textile foreign trade recently, it is estimated that nine out of ten people will chat with you with a smile. Talking about the recent great domestic textile market, it is not only about receiving orders but also about the entire textile industry. The industry is increasing prices, as if they want to make back all the money they didn’t make before, and everyone has the anger of “fighting” in their eyes.
Looking at foreign countries, the first is the turmoil caused by the second outbreak of the epidemic, and the market is still fluctuating. Affected by the epidemic, many companies were forced to lay off workers, including established textile companies.
The old British wool textile group plans to lay off 21,000 people
According to The Daily Telegraph reported on the 9th that the Edinburgh Woolen Group owned by British billionaire Philip Day is now on the verge of bankruptcy. The group plans to lay off 21,000 people and close most of its stores.
It is understood that this old Scottish clothing manufacturer mainly produces Harris tweed jackets and cashmere sweaters, and owns multiple brands such as Peacocks, Jaeger, Austin Reed and Jacques Vert. . Group owner Philip Day said the group plans to appoint administrators to restructure the company and intends to sell parts of the business to maintain operations.
More than 500 large companies in the United States have filed for bankruptcy
In the face of the new coronavirus Against the backdrop of the pandemic, the number of corporate bankruptcies in the United States continues to increase. Not only have many small and medium-sized enterprises closed down, but even some large companies have not been able to escape the impact of the epidemic.
S&P Global Market Intelligence statistics show that as of October 4, 504 large-scale companies in the United States have filed for bankruptcy this year, exceeding the number of bankruptcy filings in any comparable period since 2010. quantity. Among the companies that filed for bankruptcy, consumer, industrial and energy companies accounted for the majority.
Looking at each month, since the beginning of this year, the United States has had the most bankruptcies of large companies in June and July, and the fewest in February.
Between September 21st and October 4th, a large number of U.S. companies in the energy, consumer and other industries still filed for bankruptcy, many of which had assets exceeding 5 Billion dollar large energy companies (such as Lonestar Resources and Oasis).
On September 30, Oasis, a large energy company, filed for bankruptcy. The company was one of the few companies to file for bankruptcy during the year and claimed that its liabilities exceeded 10 billion dollar company. The company plans to reduce its debt by $5.2 billion by entering into a restructuring plan with creditors.
The above-mentioned bankruptcy analysis by S&P mainly includes listed companies or private companies with public debt. When filing for bankruptcy, the assets or liabilities of listed companies that are included in the list of public debt companies Must be at least $2 million. In comparison, private companies must include at least $10 million.
It is reported that if a company applies for Chapter 11 bankruptcy reorganization, the court will require the applicant to continue operating under its supervision and formulate a corporate reorganization plan, with the fundamental purpose of saving the company. Many companies in American history have experienced Chapter 11 resurrection, such as General Motors.
Judging from historical experience, achieving reorganization is not an easy task. The cost for industry giants may exceed tens of millions of dollars, and the entire bankruptcy and reorganization process takes from six months to It can vary from several years. According to data from the U.S. Department of Justice, only 10%-12% of companies can be discharged from bankruptcy and get back on track after successful reorganization, and most companies end up in liquidation.
More than 600 companies have closed down in Japan
Following the footsteps of the United States , the wave of Japanese corporate bankruptcies is also intensifying.
According to statistics from the Japanese credit research company Teikoku Data Bank, as of October 9, the number of Japanese companies that have gone bankrupt due to the epidemic since February this year has reached 600. Among them, the catering industry was the most severely affected, with 86 companies; 59 hotels and other accommodation companies went bankrupt. In addition, small retail companies have also been greatly affected.
Data released by Japan’s Ministry of Health, Labor and Welfare show that as of October 2, the number of people laid off or suspended in the country reached 63,347.
Japan’s GDP shrank by 28.1% year-on-year in the second quarter of this year, marking the third consecutive quarter of decline and the largest decline in the Japanese economy since 1980.
Public information shows that in order to prevent corporate bankruptcies and a surge in unemployment, the Japanese government has launched two rounds of economic aid, with the scale of the two rounds of economic aid exceeding 234 trillion yen (approximately (totaling RMB 14.8 trillion), accounting for nearly 40% of the country’s total GDP. </p
