We’ve been hearing in the media of large corporations and retailers filing for bankruptcy and or closing their doors. Major companies like Toys R Us and Sears have struggled to bounce back despite some reports of last-ditch efforts to salvage their businesses. However, there are several large companies that have filed for bankruptcy and were able to make a big comeback.
- General Motors – Filed in 2008 and was ultimately bailed out by the government.
- Marvel Entertainment – Marvel filed for bankruptcy in 1996 when the business solely relied on comic book and action figure sales. It has moved on to make huge blockbuster movies including “Spiderman”, “The Avengers” and Guardians of the Galaxy.”
- Six Flags – Six Flags filed for bankruptcy in 2009 after racking up 2.9 billion in debt. There are currently 16 six flags locations in the US alone.
- Chrysler – Filed in 2009 after the government bailout.
- American Airlines – Filed in 2011 due to the rapid rise in fuel prices and intensified competition.
- Best Buy – Best Buy was on the brink of collapse until new CEO Hubert Joly turned things around by filing bankruptcy and changing the customer’s in-store and online experience.
- Chicago Cubs – The Cubs filed for bankruptcy in 2009 shortly before they were put up for sale and purchased by the Ricketts family.
- Kodak – Kodak suffered from the transition of film to digital photography. After bankruptcy and years of changing their product offerings, they are now profitable again.
- Jack in the Box – After a severe E. coli outbreak that hospitalized 175 people and killed four children, the company filed bankruptcy, rebranded and revamped their food safety programs and marketing campaigns.
- The Sharper Image – Declines in consumer spending on luxuries after the 2008 recession caused a decline in profits for the Sharper Image. Sharper Image’s stores are now doing well and some branded items are being sold at other retailers.
For assistance with your own comeback contact your Fairfield bankruptcy attorney.
Categorized in: News