It is important to note that the term “business failures” can refer to various types of failures including bankruptcies, liquidations, restructurings, and closures. Here is a list of some notable business failures globally in 2021:
1. Archegos Capital Management: Archegos was a family office hedge fund that collapsed after facing significant losses due to highly leveraged positions, leading to substantial losses for major investment banks in March 2021.
2. Greensill Capital: UK-based supply chain finance firm Greensill Capital filed for insolvency in March 2021. The firm faced liquidity issues after its major client, a large Australian insurer, ceased support, ultimately leading to its downfall.
3. Topshop: UK-based fashion retailer Topshop, owned by the Arcadia Group, went into administration in November 2020 but experienced the majority of its fallout in 2021. The high street brand closed its physical stores after failing to find a buyer and was subsequently sold to online retailer ASOS.
4. Debenhams: Another UK high street staple, department store chain Debenhams, went into administration in April 2020, but continued closing stores throughout 2021 after failing to find a buyer. The brand ultimately ceased operations entirely.
5. Carillion: In 2018, UK-based construction and facilities management company Carillion collapsed due to liquidity problems and mounting debts. However, the fallout and ongoing impact were felt by various stakeholders throughout 2021.
6. VinFast: VinFast, a Vietnamese automaker, faced financial difficulties in 2021 amid the global semiconductor shortage and challenges related to quality assurance. The company had ambitious plans for expansion but had to delay some overseas market launches.
7. Icarus Investment Group: In May 2021, Icarus Investment Group, an Australian hedge fund, collapsed after sustaining massive losses in the wake of the GameStop short squeeze phenomenon.
8. J.C. Penney: US-based department store chain J.C. Penney filed for bankruptcy protection in May 2020 but experienced store closures and restructurings throughout 2021.
9. Hertz: Car rental giant Hertz filed for bankruptcy in May 2020 due to the severe impact of the COVID-19 pandemic on the travel industry. Though the company emerged from bankruptcy in October 2020, it still faced ongoing struggles throughout 2021.
10. Cobham Advanced Electronic Solutions: UK-based defense contractor Cobham Advanced Electronic Solutions filed for Chapter 11 bankruptcy in July 2021 due to financial difficulties arising from the pandemic and challenges in securing defense contracts.
Please note that this list represents some of the notable business failures and is not exhaustive.