Companies Going Out Of Business

Companies Going Out Of Business – With changing shopping habits and increasing competition wreaking havoc on once-untouchable businesses, America has lost many beloved big-name brands and some unloved ones in recent years. last year.

From iconic airlines to department stores that once graced malls across the country, read on to discover the once-great American companies that met a sad end. All dollar amounts are in US dollars.

Companies Going Out Of Business

McDonald’s may have been at the top, but there was a time when the world’s most famous fast food chain had a serious competitor that could change everything: Burger Chef.

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The chain was founded in 1954 by General Equipment Corporation in Indianapolis. By 1972, Burger Chef was expanding rapidly and had become the second largest hamburger chain in America after McDonald’s and was threatening to topple the Golden Arches from first place.

In another world, people could enjoy Big Chefs and Super Chefs instead of Big Macs and Quarter Pounders.

However, McDonald’s eventually captured the market and the struggling Burger Chef was sold to Hardee’s parent company Imasco in 1982. All remaining stores were converted to Hardee’s restaurants.

With its iconic buildings with orange roof and simple menu of chicken, clams and sausages, this restaurant was a family favorite for years and at its peak operated 1,000 restaurants throughout the country.

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But HoJo’s faces stiff competition from franchises like Applebee’s and Chili’s, and its stagnant menu can’t keep up with the times.

In 1985, Marriott bought it for $65 million and the restaurants were reopened as hotels and cafes.

However, one of the original Howard Johnson’s restaurants in Lake George, New York remains open with a “Last Man Standing” sign. The hotel chain with the same name still exists.

The company, which owns popular brands such as Tang, Kool-Aid and Sanka decaffeinated coffee, began operations in 1922, growing out of the former Postum Cereal Company.

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General Foods continued to acquire food brands over the next several decades until acquiring Oscar Mayer & Company’s meat products and Entenmann’s baked goods in the early 1980s.

Despite its many successful brands, General Foods succumbed to the buying power of larger companies when it was acquired by Phillip Morris Companies, which merged with Kraft Foods in 1990.

If you buy previous General Foods products today, you will notice that they have the Kraft logo on them.

Founded in 1927, this iconic airline pioneered the airline and jumbo jet reservation system, pioneering luxury first class flying and affordable coaches as. At one point it was the second most recognized brand in the world.

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Unfortunately, the glory days did not last long. In the 1970s and 1980s, falling revenues, increased competition and rising aircraft servicing costs hit the airline hard, and sales plummeted after the 1988 terrorist bombing of Pan Am Flight 103 over Lockerbie, Scotland, resulted in the cessation of business operations.

Rising fuel prices after the Gulf War were the last straw. With no savior, Pan Am filed for bankruptcy in January 1991 before closing permanently in December.

Half a century ago, Eastern Air Lines was one of the “big four” American airlines, profitable and dominating the domestic tourism industry.

The company, which began in 1926 as a mail carrier for the United States Postal Service, grew in the first half of the 20th century and benefited from the growing popularity of air travel.

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Revenues began to decline in the 1960s, when competition from other airlines began to lure customers away from the East.

This was exacerbated by the company’s decision to purchase new Boeing 757 aircraft, which increased the debt and, combined with strikes and increased competition, brought the company into bankruptcy in 1989. Three years later, Eastern Air Lines completely ceased operations.

This is one of the things you remember if you grew up in the 1970s and 80s. Merry-Go-Round was known for its fashionable clothes, which mostly appealed to young people in their late teens and early teenager.

With 536 stores in the United States, the company enjoyed brief success for just over two decades before collapsing in the 1990s.

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With prices unable to remain competitive and a once new customer market now maturing, Merry-Go-Round is struggling to stay afloat.

It filed for bankruptcy in 1994 but was unable to find a buyer. Two years later, Merry-Go-Round stores were forced to close, ending the brand’s short but influential run in the fashion industry.

The original five-and-dime store, the first Woolworth’s, was opened by Frank Winfield Woolworth in 1879 in Utica, New York.

After a slow start, the company expanded across the country and brought their clever idea to the rest of America. The chain began to diversify in the 30s, leaving five-and-dime stores, and in the 60s, the typical Woolworth’s was essentially a full-service department store.

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In the 1980s and 1990s, increasing competition from retailers such as Walmart and Target caused profits to decline, but Woolworth’s sporting goods division remained strong.

As a result, the chain closed in 1997 and the company instead focused on sporting goods, eventually changing its name to Foot Locker.

From a business perspective, Pets.com’s lifespan of just two years ended in the blink of an eye — but the defining moment it exploded is still vividly remembered.

Emerging in 1998 at the start of the dotcom bubble, the site sold (you guessed it!) pet products and accessories, and even had a memorable TV commercial featuring a pet dog.

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Unfortunately it was not to be. Despite attracting investment from companies like Amazon, Pets.com’s stock fell from $14 per share to just $0.22 in 2000, signaling the end of the road.

In a last-ditch effort to keep the business afloat, the brand even started selling sock puppets — but they obviously went wrong when the store went out of business in 2000.

Founded in 1985 by the merger of InterNorth and Houston Natural Gas, energy company Enron took advantage of deregulated energy markets and emerging Internet stocks to become a prominent company.

But it turns out that Enron bought the books. The company manipulated mark-to-market accounting methods to include estimated profits instead of actual profits, which meant it could significantly overstate the amount of money it brought in.

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After hiding its debts for years, the company filed for Chapter 11 bankruptcy at the end of 2001. In 2006, the CEO of the company, Jeffrey Skilling, was sentenced to 24 years in prison for fraud. However, he was released in 2019 after serving 12 years.

Trans World Airlines (TWA) is an iconic airline with a distinguished history dating back to 1930. The expansion of the company is due to its former owner, the eccentric tycoon, film producer and pioneer airline Howard Hughes (pictured), who It bought the airline in 1939 and oversaw its explosive growth in the 1940s and 1950s.

TWA received new management in the 1960s. The company grew and passengers continued to arrive until the Airline Deregulation Act of 1978 opened the domestic market to a series of competitors. .

After losing out to competing airlines, TWA was bought in 1988 by billionaire investor Carl Icahn, who took the company private and deeply in debt.

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The ailing airline went through a series of bankruptcies in the 1990s and early 2000s and was acquired by American Airlines in 2001, which “absorbed” the brand the following year.

True to its name, this venerable car brand was founded in 1897 by Ransom EOlds in Lansing, Michigan.

Oldsmobile produced the world’s first commercial automobile, the Curved Dash, launched in 1901, and the company was one of America’s most famous brands for much of the 20th century.

More than 35 million Oldsmobile cars were produced, most by General Motors. Sales peaked in the 1970s and 1980s, and the Oldsmobile Cutlass was America’s best-selling car for a time.

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But the days of the brand at the top are almost over. By the 1990s, flashy imports had taken over and sales were in decline.

Despite its desire to reposition Oldsmobile as a premium “Made in America” ​​brand, General Motors gave up and consigned Oldsmobile to history in 2004.

Music fans may remember this popular record store chain, which at its peak had about 200 stores in 15 countries.

Tower Records began operations in 1960 when its first store opened in Sacramento, California. It quickly expanded its network in the United States, as well as in countries such as Japan (where it still exists independently), Canada and the United Kingdom.

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But like many retail giants before it, Tower Records is struggling with falling sales. This was further enhanced by the advent of music streaming and download software, which made records and CDs disappear.

In 2006, Tower filed for bankruptcy and was acquired by Great American Group for $134.3 million, with plans to sell the majority of its shares.

Circuit City Electronics was founded in 1949 by Samuel Wurtzel, who is credited with creating the world’s first electronics supermarkets.

By the 1970s, stores were popping up all over the country and the chain’s look was being copied more and more. Circuit City is starting to lose

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