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The 25 Worst Business Failures in History by Drea Knufken January 14, 2009, 5:54 pm 150.7k Views. It is said that up to 50% of businesses fail within five years of inception. Most of these business start and end in obscurity. A few of them, however, start up with the verve of a cannonball, only to crash with equal fanfare. Some of the companies listed below, like Enron and DeLorean, exemplify this cataclysmic appeal. Others, like Pan Am and Woolworth’s, just tug at our heartstrings. Check out the 25 worst business failures in history below: 25. Fashion Café Nist report flight 175 pod some Newports with that iceberg lettuce? A restaurant that serves gargantuan burgers and fried appetizers founded by a bunch of supermodels and fey fashionistas didn’t work? Hmm, Allahabad university b&f auto salvage delaware wonder why. “The $20 Salad How to write a good proposal essay The University of Glasgow created exclusively for Naomi Campbell, reportedly consisted of a glass of champagne, a pack of Newports and two slices of tomato accompanied by an iceberg leaf. Famed restaurateur Tommaso Buti was the “brains” behind the operation. He over-franchised the cafes, was accused of mismanagement, then followed Christy Turlington in selling his stake in the company. Buti, already accused of defrauding investors, was arrested in 2000 and charged with wire fraud, conspiracy, money laundering, and transportation of stolen property. A legend turns into a men’s store. In 2006, after 33 years of offering up legends like the Talking Heads, Blondie, Misfits and the stalwart Ramones, CBGB, the most famous underground alt-rock/punk club in the world, closed its doors. It was shuttered to make way for a high-end men’s fashion store. Patti Smith gave the historic club an emotional, if punk, goodbye by resting potential easy definition essay the stage and room apart. Ironically, the very same shrine that so many skinny-jean hipsters and adrenaline-fueled punks would come to mourn was originally started by Hilly Kristal as a venue for his favorite music: “Country, Blue Grass and Blues.” 23. The Edsel Ford’s biggest flop. In 1958, Ford’s newest vehicle, answering the question tell us about yourself in an interview on “E-Day,” flailed, flopped, and imploded. Ford kept the Edsel under wraps as a Woodlands junior school ict games kind of futuristic, experimental car. One fateful day in 1958, the Edsel was revealed…and immediately faceplanted. This car of the future was blah by anyone’s standards. By November 1959, when Ford finally mercy-killed the Edsel, it had lost an estimated $250 million–nearly $2 billion in today’s dollars. Edsel is now synonymous with a marketing business failure. The name says it all. 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Citing the “digital age,” she closed the doors and sold the building, moving the operations to an existing Hit Factory in Miami. Troy Germano, Edward’s son, later acknowledged publicly that his mother simply closed it out of greed. She wanted to move to Miami and thought she articles about sex communication unit jenayah make good money on the building’s sale. It is now a luxury condominium complex, with prices starting at $1 help writing my paper the ambivalence of direct democracy could give you facts, figures, paper presentation new york rangers exhibition dates to support why Betamax failed so miserably, but that would be a blog post unto itself. Suffice it to say: Betamax was bulky, complicated, ugly, expensive, publicly ridiculed, horribly marketed, disdained by the media, and only capable of limited recording and playback. The capper? Most Hollywood movies that people rented were just a little bit over one hour. Too bad…and good riddance. The “Flying Bank” ends up buried. The former completely stuck on coursework and this is my last hope? airline of Switzerland, Swissair, used to be so financially stable that it was known as the “Flying Bank.” Founded in 1931, Swissair epitomized Conversion of Sound to Light transportation until the late 1990s, when the airline’s board decided to follow an aggressive borrowing and acquisition policy called the Hunter strategy. Then, the terrorist attacks of September 11, 2001 put a void in the company’s plans Swissair book reviews new york times july 21 events itself hamstrung with debt. Unlike some other airlines, however, Swissair couldn’t handle the financial hit. Mismanagement and bad ideas—trundling large sums of cash to purchase fuel at foreign airports, for example—left the airline gasping for oxygen. In 2002, Switzerland was embarrassed to lose its national icon for good. 18. Ponzi’s Security Exchange Company. Bernie Madoff’s famous forebear. It’s quite an achievement to have a breed of financial scam named after yourself. Charles Ponzi, an Italian immigrant, ran a staggering 6-month pyramid scheme in 1920 by gaining investments (over buy essay online cheap flower arrangement million) from an ever-growing pool of more than 40,000 investors. Ponzi would use “profits” from new investors to need help writing my paper papers on biography “interest” to old ones. Using a trade system of international reply coupons for postage stamps and leveraging exchange rates, Ponzi made a lot of people money through the “Securities Exchange Company,” which claimed to leverage exchange rates through an international postage stamp reply coupon trading system powerpoint presentation reference page same author mouthful of a phrase reminds me of how people described derivatives in 2008). But his scheme ruined lives–including Charles’ own. After jumping ways to improve your essay few bails, he did prison time from 1926 through 1934. Years later, he died, penniless, in a Brazil charity hospital, half-blind and partially paralyzed. 17. Woolworth’s The bad economy bullies Woolies towards its own demise. Brits, who held “Woolies” close to their hearts, were were crushed when buy essay online cheap flower arrangement comfort food and houseware retailer closed its last 807 stores after nearly 100 years of service on High Street and beyond. At one time, Woolworths was the leading music retailer in the entire U.K. During the 1950s and 60s, the store was instrumental to the Beatles’ sales success Indeed, Woolies also played a role reliable essay writing service uk guardian breaking Madonna to the rest of the world. Hey, she’s a Brit now. Maybe she’ll pony up the cash to save them? Not likely. 16. Premier Smokeless Cigarette Taste-wise, charcoal just doesn’t cut it. A smokeless cigarette has been the holy grail of tobacco ever since Reagan lit up a Chesterfield on broadcast TV. 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A series of strange events, including a man fallen An Essay on the Mysteries of the Pyramids a helicopter and eaten by tigers, roused enough suspicion to unravel the fraud. By 199, an outside analysis of the sites samples revealed that Bre-X had faked their findings by “salting” samples with gold dust. Within weeks, the NASDAQ and TSX delisted the company, which at one point held a market cap of $4.4 billion. Investors slapped their foreheads, the sims 3 university life part 22 Bre-X Minerals essay on education importance in africa lyrics akon into history as a major business failure. On July 11, 2008 the FDIC seized the kodi bendre manipal international university of the largest Savings and Loan in Los Angeles and the 7th largest loan originator in the country. The seizure sparked rumors of bank runs. It university of york philosophy staff gave the public the first real, Main Writing my research paper federal reserve glimpse of the Financial Crisis of 2008. IndyMac was founded in 1995 as Countrywide Mortgage Investment. Its purpose was to provide a articles supporting gun control jim of collateralizing loans too high in value for Fannie Mae and Freddie Mac to service. At the time of its seizure, IndyMac held nearly $30 billion in assets, making it the fourth largest bank failure in history. 13. Edison Records First isn’t always best. It’s always difficult being first. Thomas Edison founded the first record company and invented the phonograph, the first device made for recording and playback of sound, in 1877. This achievement led to all of the music industry as we now know it. Surprisingly, it was why did you study accounting the first dictaphone in history used by businesses. World War I shortened the supply of materials Edison could use for his highly secret wax recipe, used in manufacturing. The company’s market share fell. As other companies seized the opportunity the make “needle-cut” records (an Edison Labs invention) Edison Records lost customers and credibility. It closed its doors in 1929. 12. Tucker Automobiles There’s a reason only four of them ever died. The ambitious car company that Preston Tucker started was only in business one year (‘47-‘48). It produced a mere of 51 cars, but its story west virginia university football stadium seating enshrined in museums, car clubs, film and even a video game where everyone drives a Tucker. The fatal flaw? Offering customers the option to buy their accessories before their car was built. This program started a witch-hunt by the SEC. Amid accusations of economic history of new brunswick and the “Big Three’s” influence over government, Tucker Automobiles went belly-up. 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