In effect Steve, this is simply confirmation of what we already knew.
That being, the recession never ended.
We’ve been bumping along the bottom for 10 years, buoyed by fictitious printed money, which we are no nearer paying back.
All these large businesses have struggled against minimum wage pressures, low inflation and cheap competition for too long, and they’re finally caving in under a mountain of debt.
Costs are too high, margins are too low, and customers have insufficient disposable income.