More businesses are looking down the barrel of insolvency, as an economic slowdown crimps sales and squeezes profit margins while borrowing costs soar.
Companies are collapsing at the fastest clip in years, as soaring interest rates push their borrowing costs sharply higher, while slowing economic activity is causing sales to languish.
The move by troubled US chemist chain Rite Aid Pharmacy to file for bankruptcy on Sunday has added another name to the list of US corporate casualties for 2023.
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Karen Maley writes on banking and finance, specialising in financial services, private equity and investment banking. Karen is based in Sydney. Connect with Karen on Twitter. Email Karen at karen.maley@afr.com
