May saw the largest number of U.S. corporate bankruptcy filings in a single month thus far in 2026, but at least firms appear to be escaping the carnage.
The data from S&P Global Market Intelligence indicated that the filing jumped to 73 in May from 50 in April. That increase also represented one of the highest monthly totals since 2020, which saw a higher rate of filings due to the impact from the COVID-19 pandemic. S&P’s data points for May are for companies with public debt and at least $2 million in assets or liabilities, as well as private firms with at least $10 million in assets or liabilities at the time of filing.
Bankruptcy filings at the end of May reached 301, nearly matching 2025’s 15-year high of 305 over the same five-month period.
The last time a major bankruptcy filing with more than $1 billion in liabilities filed that had some impact on footwear was the QVC Group Inc. Chapter 11 in April. And before that was the Saks Global Enterprises LLC Chapter 11 filing this past January.
There was one retail bankruptcy in May, and that was boat retailer West Marine Inc. on May 17. The retailer’s debt obligations totaled $549.2 million, according to court documents. Footwear brand Rocky Brands made the Top 30 list of unsecured creditors, owed $1.1 million. Rocky sold boots under the brand name Xtratuf. Shoe brands Sperry and Helly Hansen are also sold by West Marine, but not in enough volume to make the Top 30 list of unsecured creditors.
In the QVC Group collapse, Clarks and Skechers were among the footwear brands hit by the Chapter 11 filing. The good news is that the home shopping firm is expected to pay all its vendors in full through a Restructuring Support Agreement with lenders.
In the Saks Global bankruptcy, the retailer is working towards an exit sooner rather than later. But what still isn’t clear is how much money would be available to pay its unsecured vendors. Among Saks’ footwear vendors, Christian Louboutin is owed $21.6 million, and Jimmy Choo parent Capri Holdings is owed $33.3 million
