Why did they file for bankruptcy?
- rising interest rates
- high inflation
- Difficulty hiring
- ongoing war in Ukraine
I'd consider COVID related matters to be the biggest driver of bankruptcy within the last two years. Interest rates, inflation, labor shortages are all a result of COVID lockdowns causing the government to begin printing money as a form of economic stimulation. All the meanwhile, businesses are forced to close down.
To the extent government can force you to close your business, I don't know what an entrepreneur is suppose to do to combat that. Being flexible with e-commerce might be a mitigating factor but that isn't feasible for a lot of businesses.
I agree with your points @ Gyfts. Most of the challenges that the world is facing now regarding sloggish economy is as a result of the COVID pandemic. It grind the major manufacturing countries of the world and that caused production to drop, the effect of which is scarcity of goods and services then the available will become very expensive to get, causing artificial increase in value. Before the covid year in 2020, the rate of inflation was not as double as it is now meaning COVID-19 challenges was attributory to the effect now, production and supply chains are not what they are used to.