403 US companies restructured or cut staff in September 2026

Across the US in September 2026, we counted 447 insolvency and employment events at 403 companies. Of these, 370 were restructurings and 77 were layoffs. On 30 September, FAT Brands came out of bankruptcy as OHG Brands under new lender-group ownership. It kept 1,700 restaurants across 11 concepts (QSR Magazine).

Balance sheets moved at the same pace. Hertz Global Holdings is working with PJT Partners to extend its debt maturities, and some of that debt falls due within two months (Bloomberg). Carriage Services ended a $100 million at-the-market equity programme on 30 September (GlobeNewswire). Hain Celestial was given until the new year to regain Nasdaq compliance (Just Food).

Separations ran alongside. KBR filed a Form 10 with the SEC for the spin-off of its MTS business, to be called Trinzic (GNW). The Madison Square Garden Sports board approved a tax-free spin-off of the Rangers from the Knicks, with separate NYSE listings (Sportico).

Workday cut about 500 employees on 29 September, 2.5% of its workforce. It was the company's second round of 2026, after 400 in February (Business Insider). Disney ran its third round of layoffs since mid-March and cut several hundred people, tech and HR among them (Business Insider). BioMarin cut 117 (Endpoints News). Starbucks closed about 250 coffeehouses across North America. Mike Grams, its chief operating officer, said the company “identified stores where it could not consistently provide its desired customer and employee experience or see a path to acceptable financial performance” (Business Insider).

Some labour pressure fell outside the layoff count. At the Phillips 66 Bayway refinery, 385 Teamsters members voted 92% to authorise a strike (PRN). Victory Casino Cruises furloughed staff without pay after its only vessel went into dry dock on 28 September (Casino.org News).

The demand category is insolvency and employment, and for US law firms it rarely stays in one practice. While only 77 events count as layoffs, most of the 370 restructurings carry employment work too. Lender-led exits like OHG Brands and debt extensions like Hertz's give restructuring partners work on creditor negotiations and governance after emergence.

Employment partners pick up the other half. Repeat cuts like Workday's and Disney's mean severance and release programmes run more than once in a year. The Phillips 66 strike vote puts collective bargaining back in play. Spin-offs at KBR and Madison Square Garden Sports need employee transfers and benefits separation drafted before listing day.

The data matters most to restructuring and employment partners whose clients are among the 403 companies. It also matters to business development teams tracking which of those clients have moved twice this year.