10 Famous Companies that Went Bankrupt | Avengers Infinity War
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Top 10 Famous Companies that Went Bankrupt
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.
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