Back from Bankruptcy
Chapter 11 is a phrase that strikes fear in the hearts of almost all business owners. Despite the fear and sleeplessness that bankruptcy can cause a business owner, it is <a href=http://www.businessnewsdaily.com/785-small-business-bankruptcy-declines.html target=”_blank”>far from a death sentence for businesses</a>. Below BusinessNewsDaily compiled a list of 10 companies that filed for chapter 11 protection. Some of the companies on the list may surprise you.
It turns out winning really does solve a lot of problems. At least that is the case for the Texas Rangers, whose back-to-back appearances in the World Series during the past two years have helped many people to forget about their bankruptcy filing in May 2010.
Year: 1987 <br><br>
At the time of the filing Texaco's bankruptcy was the largest in United States history, with assets of $34.9 billion. Nearly one year after filing, though, the company became a part of Chevron and today it continues to operate throughout the United States and in several countries around the world.
Harry & David
Harry & David had been in business for more than a century before filing for bankruptcy in 2011. The gourmet food company completed its bankruptcy reorganization just a few months later. <br><br>
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A staple of mall cafeterias, Sbarro had a short stint dealing with bankruptcy. Luckily for the company, it emerged less than a year after filing for Chapter 11.
Year: 2003 and 2009 <br><br>
Two bankruptcies couldn’t keep Eddie Bauer down and out. The company, known for its outdoor apparel, was first involved in bankruptcy proceedings when its parent company filed for bankruptcy in 2003. In 2009, the company once again filed for bankruptcy, but has emerged today, remaining a favorite in malls and outlet centers.
Year: 1996 <br><br>
It took the efforts of Captain America, Spider-Man, the Incredible Hulk and many more of the company's famous heroes to help people forget the fact that Marvel filed for bankruptcy in 1996. With the success of recent years and movies, including most recently "The Avengers," Marvel appears to be back in a big way.
Toward the end of the last decade, Six Flags management had a real reason to scream. Just under a year after filing for bankruptcy, though, the company and its 19 parks throughout the United States emerged from Chapter 11 protection.
When the retail division of luggage company Samsonite filed for bankruptcy in 2009, it joined a long list of other companies that had also done so that year. The remedy for the company was to close half its U.S. retail stores.
Abercrombie and Fitch
Year: 1977 <br><br>
The 1977 <a href=http://www.businessnewsdaily.com/148-small-business-bankruptcy-filing-options.html target=”_blank”>bankruptcy filing</a> of Abercrombie and Fitch has not affected the store in recent years. Today the company, which is wholly owned by The Limited Inc., remains a favorite of teenage girls and boys.
On Jan 9. 2012, Friendly's got news that was sweeter than a sundae with a cherry on top. It was on that date that the ice cream shop re-emerged from bankruptcy protection, which it had filed for in 2011.<br><br>
For more information about Chapter 11 filings visit BusinessNewsDaily sister site <a href=http://online-legal-forms-review.toptenreviews.com/the-chapters-of-bankruptcy.htm./?cmpid=ttr-bndl target=”_blank”>TopTenReviews</a>.<br><br>
<i>Reach BusinessNewsDaily staff writer David Mielach at <a href=mailto:email@example.com>Dmielach@techmedianetwork.com</a>. Follow him on Twitter @<a href=http://www.twitter.com/d_m89 target=”_blank”>D_M89</a>.</i><br><br>
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