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Business Bankruptcies In St. Louis Soar In Third Quarter Of 2009

According to the St. Louis Business Journal, the end of the recession has not meant the end of business bankruptcies in Missouri or St. Louis. Just as the rate of personal bankruptcies in Missouri rose in the third quarter and for the year, local businesses are following the same trend.

Hoffman Clark, a Clayton, Missouri, accounting firm has released a new report on the number of St. Louis business bankruptcies – a report that says in the last year 378 St. Louis, Missouri, businesses declared bankruptcy. This is an increase of 19 percent over the number of bankruptcies recorded in 2008. It is an increase of 250 percent from the number of business bankruptcies in 2007, before the recent economic recession began.

Petitions for bankruptcies by businesses reached 104 in the third quarter. This is an increase of 16 percent over the number of bankruptcies filed in St. Louis by businesses in the same quarter of 2008. In comparison to the same quarter of 2007, bankruptcy filings for St. Louis businesses were two and a half times higher. The report does note, however, that the number of business bankruptcies declined in the third quarter in comparison to the second quarter of 2009 – a trend that may mark the end of the worst of the recession.

The data used in the report was taken from the U.S. Bankruptcy Court for the Eastern District of Missouri, which mostly covered St. Louis and the surrounding area.

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