Thursday, January 21, 2010

Businesses That Went Bankrupt

During the Great Recession, thousands of people were forced into home foreclosure and bankruptcy, leaving their broken mortgages behind. But the little guys weren’t the only ones forced to hire bankruptcy attorneys, as many large and well- known companies had to file for bankruptcy over the last year or two.

Steak Houses

One of the worst markets in 2009, people just aren’t eating out at steak houses at the moment. Several companies in this part of the restaurant market have declared bankruptcy, including ARG Enterprises (Black Angus Steakhouse), Buffet’s Holdings (Tahoe Joe’s Famous Steakhouse), and Metromedia Restaurant Group (Benigan’s).

Vicorp Restaurants

Owner of both Baker’s Square and Village Inn, Vicorp proves that the shortage of willing diners doesn’t just affect the high end portion of the industry, but cuts across the spectrum. After filing Chapter 11 in 2008, the chain was sold to an investment company which plans to continue operation of over 250 restaurants, in an attempt to prove that the industry isn’t really as bad as it seems on the surface.

Mrs. Field’s Famous Brands

Including (of course) the delicious cookie line, Mrs. Fields filed for Chapter 11 bankruptcy in August of 2008, and emerged from it ready to continue opening new stores in 2009.

Flying J

That bastion of travel centers suffered considerably when the number of people on the road dropped considerably. With less consumer purchases made, less truckers were on the road, and with less vacations fewer travelers drove through. Last but not least, so many less people are relocating from one city to another that even that market is fading quickly, putting Flying J in a tight spot. After filing in December 2008, they laid off employees, closed restaurants, replaced the CEO, merged with their primary competitor, and even sold off refineries and oil pipelines.


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