Business Failures Hit Record Level

A record 87,266 businesses failed in the U.S. in 1991, up 43.7%, with insurance, finance and and real estate companies taking the burnt of the hit. Unpaid debts if defunct businesses totaled $108.8 billion last year, a gain of 95.9% from 1990. Falling real estate prices, debt-burdened businesses, tighter credit and bankruptcies from failed leveraged buyouts contributed to the 1991 results.

Total U.S.

1990: 60,746

1991: 87,266

Breakdown of percent rise of failed businesses:

Pacific: +62.8%

Mountain: +31.2%

West North Central: +41.0%

West South Central: +6.4%

East North Central: +27.7%

East South Central: +29.6%

New England: +81.1%

Mid-Atlantic: +75.6%

South Atlantic: +52.1%

Source: Dunn & Bradstreet Corp.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
59°