I'll give you an economist's answer that you may not find entirely satisfactory.
The repercussions depend on the situation in which we find ourselves. In a full employment situation, business bankruptcies are painful for both the business and the employees, no doubt about it. Macroeconomically speaking, for the economy as a whole, there are losses, of course. However, as I said, if there's full employment, the affected employees can find new jobs within a reasonable period of time.
In contrast, if unemployment is higher than what would be normal in a dynamic economy, there may be consequences for those affected. They may face a longer period of unemployment than would be expected in a very dynamic economy with full employment.
Yes, it's possible and even probable that tens of thousands of bankruptcies would engender significant costs.