Top 10 Famous Companies that Went Bankrupt Welcome to RPLORE!
Popular companies like Coca Cola, Procter & Gamble, and Nike for example, are projected
to survive for more than a hundred years.
Aside from being open to changes, alongside their consumers, the reason for this is definitely
how these companies solidified their brand worldwide.
Because of management issues, financial troubles, and trends, some of the companies we’ve
known to be on top of their game went out of business or filed for bankruptcy.
Here are top 10 famous companies that went bankrupt!
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Reader’s Digest Association The Reader’s Digest magazine was first distributed
in 1922, and it’s probably one of the most popular print publications in the world.
With the popularity of digital reading materials, print publication is a dying form of media.
While there are still a lot of people who prefer print media, the company had to file
for bankruptcy last 2009.
Kodak Before Canon and Nikon had the majority of
consumer shares worldwide, it was Kodak who dominated the photography market.
With the company’s inability to change, opting out from the transition of film to
digital photography, they eventually declared bankruptcy in 2012, selling many of their
patents in the process.
The company soon tried to bounce back a year later, but it’s definitely going to take
a long time for Kodak to reclaim its status.
Marvel Entertainment Marvel Entertainment has always been considered
as one of the best comic book companies in the world.
With the huge box-office hits from the company’s cinematic universe, it’s surprising to hear
that Marvel had to declare bankruptcy and look for other financial options a few years
ago.
The merging of two companies, Marvel Entertainment and Toy Biz, helped a lot in stabilizing Marvel’s
comic’s line.
Radio Shack Radio Shack’s filing for bankruptcy a few
months ago wasn’t a first – a couple of years ago, the company also filed for bankruptcy.
While the company still managed to operate more than 4000 stores in the US, the popularity
of online services over physical stores really hurt the company’s sales.
Pan Am Pan American International Airline started
out in 1927, delivering mail and passengers in many parts of the world.
The company started to have debt issues when the energy crisis broke out in the 70’s,
then, the company decided to file for bankruptcy a few years after the hijacking of one of
the company’s airplanes.
General Motors General Motors was still considered as one
of the leading car manufacturers in the world back in the early 2000’s.
Because of declining car sales, increasing debt, and poor economy, the company had to
declare bankruptcy in 2009.
With operations in more than 157 countries, and more than 200,000 employees, General Motors
received a hefty amount of government aid that made it possible for the company to bounce
back from its financial woes.
Polaroid Polaroid and Kodak had a lot of things in
common – this includes their loyalty to film photography.
When digital photography took the stage in photography market, Polaroid – like Kodak,
went bankrupt last 2008.
The company now sells a plethora of digital products, like tablets, digital cameras, and
LCD TVs.
Enron Enron started out as an energy supplier and
commodity trader back in 1985 – after merging Houston Natural Gas and InterNorth.
A few years later, the company then, provided a few more services to the public, such as
water management and broadband services.
While the company looked good on paper, Enron was actually losing a lot of money.
The company declared for bankruptcy a year after the Enron scandal broke out.
WorldCom Long Distance Service started out in 1983,
and was renamed as WorldCom in 1995 after a series of huge mergers transformed the company.
When the executives of the company decided to commit the biggest corporate fraud in U.S.
history, a few people were sent to prison – including CEO Bernard Ebbers, and the
company was bought out by Verizon.
Lehman Brothers When it comes to bankruptcy, this is definitely
one of the biggest of all time, with assets amounting to $691 billion.
While the company appeared to look more stable than it was, Lehman Brothers was in huge trouble
– with more than $700 billion debt.
The company’s filing for bankruptcy last 2008 became the largest bankruptcy in U.S.
history.
Did we miss something in our list?
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