Can Eastman Kodak File for Bankruptcy Again
It's crazy to remember that 88% of the Fortune 500 firms that existed in 1955 are gone. These companies have either gone bankrupt, merged, or still be but accept fallen from the acme Fortune 500 companies. Almost of the companies on the list in 1955 are unrecognizable, forgotten companies today. Equally the life expectancies of companies keep to compress, organisations must be more than vigilant than ever in remaining innovative and future-proofing their businesses.
Here are 10 famous companies that failed to innovate, resulting in business failure.
1. Blockbuster (1985 – 2010)
Home movie and video game rental services giant, Blockbuster Video, was founded in 1985 and arguably one of the well-nigh iconic brands in the video rental space. At its peak in 2004, Blockbuster employed 84,300 people worldwide and had 9,094 stores. Unable to transition towards a digital model, Blockbuster filed for bankruptcy in 2010.
In 2000, Netflix approached Blockbuster with an offer to sell their visitor to Blockbuster for U.s.$l million. The Blockbuster CEO, was not interested in the offer because he thought information technology was a "very modest niche business" and it was losing coin at the time. As of July 2017, Netflix had 103.95 million subscribers worldwide and a revenue of US$8.8bn.
2. Polaroid (1937 – 2001)
Founded in 1937, Polaroid is best known for its Polaroid instant moving picture and cameras. Despite its early on success in capturing a marketplace that had few competitors, Polaroid was unable to anticipate the impact that digital cameras would accept on its picture show business. Falling into the 'success trap' by exploiting only their (historically successful) business activities, Polaroid neglected the need to explore new territory and enhance their long-term viability.
The original Polaroid Corporation was declared bankrupt in 2001 and its brand and assets were sold off. In May 2017, the brand and intellectual holding of the Polaroid corporation was caused by the largest shareholder of the Incommunicable Projection, which had originally started out in 2008 past producing new instant films for Polaroid cameras Incommunicable Project was renamed Polaroid Originals in September 2017.
3.Toys R Us (1948 – 2017)
Toys "R" Us is a more recent story about the financial struggle i of the world'south largest toy store chains. With the benefit of retrospect, Toys "R" U.s.a. may accept led to its own undoing when information technology signed a ten-year contract to be the exclusive vendor of toys on Amazon in 2000. Amazon began to allow other toy vendors to sell on its site in spite of the deal, and Toys "R" Us sued Amazon to end the understanding in 2004. As a event, Toys "R" Us missed the opportunity to develop its own eastward-commerce presence early on. Far too late, Toys "R" Us announced in May 2017 its plan to revamp its website every bit function of a $100 million, three-yr investment to jump-start its e-commerce business organisation.
While filing for defalcation in September 2017 nether pressure level from its debt of US$1bn and fierce online retail competition, it has connected to keep its concrete stores open.
--
Optimize Your and Your Team's Productivity and Innovation with our Time Rich Online Course
Discover out more at chip.ly/timerichcourse
--
iv. Pan Am (1927 – 1991)
Pan American World Airways (aka Pan Am), founded in 1927, was the largest international air carrier in the United States. The company was known as an industry innovator and was the starting time airline to offer computerised reservation systems and jumbo jets.
The downfall of Pan Am is attributed to was a combination of corporate mismanagement, authorities indifference to protecting its prime international carrier, and flawed regulatory policy. By over-investing in its existing concern model and not investing in future, horizon iii, innovations, Pan Am filed for bankruptcy in 1991. Pan Am is survived only in pop culture through its iconic blue logo, which continues to be printed on purses and T-shirts and as the subject of a TV show on ABC starring Christina Ricci.
5. Borders (1971 – 2011)
Borders was an international book and music retailer, founded by ii entrepreneurial brothers while at university. With locations all around the globe just mounting debt, Edge was unable to transition to the new business environment of digital and online books. Its missteps included belongings as well much debt, opening too many stores as well as jumping into the e-reader business to late.
Sadly, Borders closed all of its retail locations and sold off its client loyalty list, comprising millions of names, to competitor Barnes & Noble for US$xiii.9 million. Borders' locations have since been purchased and repurposed by other large retailers.
6. Pets[dot]com (1998 – 2000)
Pets.com was an online business that sold pet accessories and supplies direct to consumers over the World Broad Web. Although short-lived, Pets.com managed to find some success during a time when there were no plug and play solutions for ecommerce/warehouse management and customer service that could calibration. Pets.com launched in August 1998 and went from an IPO on the Nasdaq stock exchange to liquidation in 268 days.
Its high public profile during its cursory existence made it one of the more noteworthy failures of the dot-com bubble of the early on 2000s. U.s.$300 1000000 of investment capital vanished with the company's failure. Pets.com is a memorable cautionary tale of a high-contour marketing campaign coupled with weak fundamentals (and poor timing). Today, the Pets.com URL redirects users to PetSmart's website.
7. Tower Records (1960 – 2004)
A pioneer in its fourth dimension, Tower Records was the first to create the concept of the retail music mega-store. Founded by Russell Solomon in 1960, Belfry Records sold CDs, cassette tapes, DVDs, electronic gadgets, video games, accessories and toys. Ahead of its fourth dimension for a fleeting moment, Tower.com launched in 1995, making it one of the first retailers to movement online. Information technology seems the visitor'southward foresights stopped short there equally it fell prey excessive debts and ultimately bankruptcy in 2004. Tower Records could not go along up with digital disruptions such every bit music piracy, iTunes and streaming businesses such every bit Spotify and Pandora. Its legacy is remembered in the class of the moving picture 'Empire Records,' which was written past a one-time Tower Records employee.
eight. Compaq (1982 – 2002)
Compaq was i of the largest sellers of PCs in the entire world in the 1980s and 1990s. The company produced some of the first IBM PC compatible computers, being the first company to legally reverse engineer the IBM Personal Estimator. Compaq ultimately struggled to keep upward in the price wars confronting Dell and was acquired for United states of america$25 billion past HP in 2002. The Compaq brand remained in use past HP for lower-end systems until 2013 when information technology was discontinued.
ix. General Motors (1908 – 2009)
After being one of the almost important car manufacturers for more than 100 years, and one of the largest companies in the earth, General Motors also resulted in one of history's largest bankruptcies. Failure to introduce and blatantly ignoring competition were key to the visitor'southward demise. As GM focused predominantly on profiting from finance, the business organization neglected to improve the quality of its product, failed to adapt GM to changes in customer needs and did not invest in new technologies. Through a major bailout from the US government, the electric current company, General Motors Company ("new GM"), was formed in 2009 and purchased the majority of the avails of the old GM, including the brand "General Motors".
10. Kodak (1889-2012)'
At one fourth dimension the world's biggest film company, Kodak could not keep up with the digital revolution, for fright of cannibalizing its strongest product lines. The leader of blueprint, production and marketing of photographic equipment had a number of opportunities to steer the company in the right direction simply its hesitation to fully encompass the transition to digital led to its demise. For instance, Kodak invested billions of dollars into developing applied science for taking pictures using mobile phones and other digital devices. Even so, information technology held back from developing digital cameras for the mass market for fear of eradicating its all-important film business. Competitors, such equally the Japanese business firm Catechism, grasped this opportunity and has consequently outlived the giant. Another example is Kodak's acquisition of a photo sharing site chosen Ofoto in 2001. Yet, instead of pioneering what might have been a predecessor of Instagram, Kodak used Ofoto to try to get more than people to print digital images. Kodak filed for bankruptcy in 2012 and afterwards exiting nigh of its product streams, re-emerged in 2013 as a much smaller, consolidated visitor focused on serving commercial customers.
Source: https://www.collectivecampus.io/blog/10-companies-that-were-too-slow-to-respond-to-change
0 Response to "Can Eastman Kodak File for Bankruptcy Again"
Post a Comment