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Bankruptcy-related job losses are grimly reminiscent of the Great Recession

The recent spate of bankruptcies in corporate America is taking its toll.

In the first seven months of the year, U.S.-based companies announced 42,937 job cuts due to bankruptcy, up 40% on the same period last year and nearly 20% higher than all bankruptcy-related job losses last year, a report released this month concluded. Despite record-low unemployment, bankruptcy filings have not claimed this many jobs since the Great Recession.

‘It is the highest seven-month total since 2009 when 50,258 cuts due to bankruptcy were announced.’

“It is the highest seven-month total since 2009 when 50,258 cuts due to bankruptcy were announced,” according to the report by outplacement and business coaching firm Challenger, Gray & Christmas.

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