Newspaper article THE JOURNAL RECORD

State Business Failures Up 22.7% in April

Newspaper article THE JOURNAL RECORD

State Business Failures Up 22.7% in April

Article excerpt

Special to The Journal Record NEW YORK _ Business failures in Oklahoma increased 22.7 percent in April, but trailed the national rate, according to The Dun & Bradstreet Corp. A total of 162 Sooner State firms closed their doors in April, up from 132 in the same month of 1990. Dollar liabilities associated with those failures increased 25 percent to $23.26 million from $18.6 million the previous year. Nationally, business failures soared 58.4 percent in April from the previous year, to 7,459 from 4,709. "Business failures continue to climb throughout the U.S., underscoring the breadth of the economic recession," said Joseph W. Duncan, vice president and chief economist for Dun & Bradstreet. "The current trend in business failures is similar to the pattern established in the previous recession year of 1982, when bankruptcies increased 48 percent." Dollar liabilities from those failures dropped 20.4 percent in April to $5.06 billion from $6.36 billion. However, "excluding a significant failure in April 1990, liabilities would have increased 18.8 percent in April 1991," said Duncan. For the first four months of 1991, business failures in Oklahoma jumped 31.2 percent to 642 from 489 the previous year. Liabilities skyrocketed 53 percent to $179 million from $117 million. Business failures increased 55 percent nationally from January through April, to 28,340 from 18,286 in the same period of 1990. Dollar liabilities climbed 48.2 percent. Every major industry group and all but six states reported increases in business failures in April, Dun & Bradstreet reported. Breakdowns by industry were not available for Oklahoma. The finance, insurance and real estate sector continued to post the sharpest percentage increase, up 70.2 percent nationally to 468 from 275 in April 1990. The New England, Middle Atlantic and Pacific regions reported particularly steep gains in failures in this industry sector. Business bankruptcies in the services industry increased 64.9 percent to 1,931 in April from 1,171 in April 1990. …
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