Brian Gleason, the senior managing director of Chadds Ford-based Phoenix Management Services who is currently working from his Malvern home, sees a bleak future ahead for many small businesses as a result of the coronavirus pandemic, writes Maria Panaritis for The Philadelphia Inquirer.
The company he works for has spent decades helping small and mid-size businesses in financial distress. Phoenix either helps them stay afloat or guides them through bankruptcy. But in the 35 years the company has been in business, there has never been anything similar.
What is currently happening is unprecedented, said Gleason. Never before did employers shed millions of jobs along with the stock market dropping a quarter of its value within just a few weeks. To make matters even worse, the devastation is broad and affects almost all industries – and nobody knows exactly when it will end.
“I believe there’s going to be catastrophic levels of bankruptcy,” he said. “Especially for the small service-sector businesses.”
Read more in The Philadelphia Inquirer here.
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