Corporate bankruptcies in the US are off to a fast start in 2025, following a record-setting 2024. According to S&P Global Market Intelligence, 188 companies filed for bankruptcy in just the first three months of 2025.
That's the highest number for a first quarter since 2010, when 254 companies went under during the aftermath of the Great Recession.
In 2024, 694 businesses filed for bankruptcy — a 14-year high — and 2025 is already on track to possibly top that, SAN said.
So, which big names have been impacted this year?
Well-Known Names That Filed in 2025
Several famous companies have made headlines in 2025 for filing bankruptcy. Fashion brand Forever 21, which once filled malls across America, filed for Chapter 11 in March.
Joann Inc., known for fabrics and crafts, started its bankruptcy process in January. Both filed in Delaware, where many large companies choose to restructure.
Restaurant chain Hooters, popular for its sports bar atmosphere, filed in Texas in March. Around the same time, genetic testing company 23andMe also filed Chapter 11 in Missouri. Another retail brand, Bar Louie, entered bankruptcy court in Delaware.
According to Intellizence, even entertainment spaces are not immune. In April, both Gulf World Marine Park and Miami Seaquarium filed for Chapter 11 in Delaware. These attractions have long been part of family vacation traditions.
More Industries Feeling the Heat
Bankruptcy is hitting a wide range of industries — not just retail and food. Biotechnology firm Plenty Unlimited, manufacturing businesses like KTRV and FMI Aerostructures, and even Purdue Pharma are among those seeking court protection.
Even high-tech and health-related firms like Nikola Corporation and Cold Spring Hills have filed this year.
Media and entertainment also continue to struggle. KDHX 88.1 FM in Missouri and Cinema Management Group in California both entered bankruptcy in early 2025.
What It All Means
When a company files for Chapter 11, it doesn't always mean they're shutting down. It often means they're reorganizing their debts and trying to keep operating. Still, seeing so many well-known names in trouble may be a sign of broader problems in the economy.
While it's impossible to predict what the rest of 2025 holds, the first quarter shows that companies big and small are feeling the pressure.
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