Substantial increase in job loss following bankruptcies

city streets in OsloCoronavirus quietly causes city streets in Oslo.Photo: Heiko Junge / NTB scanpix

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As many as 63 per cent more employees have lost their jobs as a result of bankruptcies so far this year compared to the corresponding period in 2019, according to figures from the debt collection company Fair.

So far this year, more than 10,200 workers have lost their jobs as a result of bankruptcies, compared to just over 6,500 in the corresponding period in 2019. In the past week (week 21) 764 workers lost their jobs as a result of bankruptcy, compared with 216 in the same week last year.

19 per cent of bankruptcies in week 21 were related to the restaurant and catering industry. Fair expects this industry to account for most of the bankruptcies going forward.

“Bankruptcies are becoming more serious and are increasingly affecting employees. The trend has been evident throughout the year, but the severity has escalated over the past five weeks. Three times as many workers have lost their jobs in the last five weeks compared to the corresponding period last year,” says partner Christian Aandalen at Fair.

Oslo was hit hardest last week, with 17 bankruptcies affecting 300 employees.

© NTB Scanpix / #Norway Today

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