The COVID-19 pandemic has not only forced many businesses into filing for bankruptcy, but it has also caused many to close their doors for good. The Orlando Business Journal cited that Central Florida alone saw 1,325 business closures between March 1st and July 10th, and the pandemic has yet to cease which means more businesses could be affected by it. The source gathered this data from Yelp’s Q2 2020 Economic Average Report which also highlighted that 129 restaurants and 111 retail businesses in the region closed for good.
While Orlando businesses have taken a hard hit as a result of the COVID-19 pandemic, it isn’t the only region in the U.S. that has suffered. The source cited that as of July 10th, 132,500 businesses in the nation closed, with 55% of those closures being permanent ones. Although every industry has been negatively impacted by the pandemic, these industries appear to be the ones that took the hardest hit:
- Shopping and retail- 27,663 businesses in this industry closed
- Restaurants- 23,981 closed
- Beauty-15,348 businesses closed
- Fitness- 5,589 closed
The states that recorded the most permanent business closures include:
- New York
Unfortunately, as COVID-19 cases continue to climb in various states across the U.S., there will likely be more businesses that will be forced to shutter, some of which may never open back up again.
Was your Orlando, FL business affected by the COVID-19 pandemic?
If your business closed as a result of the COVID-19 pandemic and you are looking to restructure or sell your company, the Orlando business law attorneys are Legal Counsel P.A. are ready to help you. The lawyers at this firm understand how difficult times have been and continue to be for Orlando business owners and are here to help in any way they can. If your business was successful up until the time the COVID-19 pandemic forced you to close your doors, there may be investors out there ready to purchase it and bring it back to life.
On the other hand, if you aren’t looking to sell your business but instead, would rather restructure it so that you can keep your company name alive, the Orlando, FL business law attorneys at Legal Counsel P.A.would be happy to explain how you can do this. If you would like to speak with a business law lawyer in Orlando, FL now regarding your business concerns or questions, call 407-395-2653.
Legal Counsel P.A. has an office in Orlando which is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]