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.
Breakdown of percent rise of failed businesses:
West North Central: +41.0%
West South Central: +6.4%
East North Central: +27.7%
East South Central: +29.6%
New England: +81.1%
South Atlantic: +52.1%
Source: Dunn & Bradstreet Corp.