While it was funny to joke about Hostess going out of business and needing to stock up on Twinkies, these two developments aren’t: 1. The company goes bankrupt and the CEO gets a golden parachute as a reward: Over the past eight years since the first Hostess bankruptcy, BCTGM members have watched as money from [...]
Hostess, the maker of Twinkies, Devil Dogs, Ding Dongs, Ho Hos, Wonder Bread, and an assortment of fruit pies, is going out of business after more than 80 years because of a “strike by bakers protesting a new contract imposed on them.” The closing will result in Hostess’ nearly 18,500 workers losing their jobs as [...]
The News: “Patent lawsuits won’t save Kodak from an overhaul, it seems: as predicted, the photography company just announced that it’s filed for bankruptcy. Kodak says it’s voluntarily filed for Chapter 11 reorganization in New York, in order to “bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company [...]
Boston-area burger and ice cream shop Friendly’s has filed for bankruptcy. The writing has been on the wall for years now as the quality and customers have declined over the last decade. Still, the news makes me a bit sad. Anyone who grew up in Boston probably has some fond memories of Friendly’s.
Well, I don’t know anyone that listened to Air America, but at least, if for nothing else, if begat America both Senator Al Franken and MSNBC’s Rachel Maddow. “Charlie Kireker, one of Air America’s principal owners and its chairman, said in a memo to employees Thursday that the company was done in by “a perfect [...]
Fortune looks at the ten largest company bankruptcies of all-time. Among the are Lehman’s, Washington Mutual, WorldCom, General Motors, Chrysler, Enron, Conseco, Texaco, Pacific General & Electric, and Thornburg. In case you were wondering, nine of them occurred this decade. Texaco happened in 1987. The other nine all happened under George W. Bush’s watch. Think [...]