Low Q2 bankruptcy filings but Pittsburgh businesses brace for intensified pressure
Slightly more Pittsburgh-area businesses filed for bankruptcy during the three months ended June 30, compared with a year ago, but numbers remained near record lows.
A slew of factors, led by the Federal Reserve’s continuing battle to bring down inflation via interest rate hikes, puts additional pressure on businesses already feeling the heat, and many believe the pace for applications will pick up.
During the second quarter, the U.S. Bankruptcy Court for the Western District of Pennsylvania recorded 31 filings, three more than in Q2 2022. Of the 31, 19 were Chapter 7, or liquidation; eight were Chapter 11, or reorganization; and the remainder were Chapter 13, applying to sole practitioners. Total bankruptcies for the region were 1,044, up almost 11% from a year ago.
Read more at the Pittsburgh Business Times
Download the FREE WPXI News app for breaking news alerts.
Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
TRENDING NOW:
BIG WINNER: $5 million-winning scratch-off lottery ticket sold locally 2 lucky lottery winners split $135,995 prize; 1 ticket sold at local gas station Chris Peluso, Broadway actor with roles in ‘Mamma Mia!’, ‘Wicked,’ dead at 40 VIDEO: Bloomfield’s Little Italy Days sees record-breaking attendance during its 22nd celebration DOWNLOAD the Channel 11 News app for breaking news alerts
