Lehman Brothers was 158 years old when it declared bankruptcy, and the prestigious firm's collapse was one that shocked everyone inside the industry and out. The company was left with no other choice but to declare bankruptcy when it couldn't find a buyer and the government refused to bail it out. The New York Times called the fateful event one of the most dramatic days in Wall Street history.
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This year was a turbulent year for all, and the traditional snack cookie was no exception. Snack companies took fans on a roller coaster ride, discontinuing cookies and then announcing their revival. In January of this year, cookie classicists reeled from the loss of the Hydrox cookie, the crispy, chocolate sandwiches the preceded the Oreo.
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There's no way react to the banking trouble that occurred this past year without shaking our heads in disbelief. The crazy banking news just kept rolling in as one century-old firm after another collapsed, was bailed out by the government, or purchased by another existing bank. The bad news started with investment banks and found its way into commercial banks.
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This episode of Maxed Out is about Karen, a single mom of a 9-year-old girl named Bailey, and she's in danger of having to declare bankruptcy for the second time. She says she'll feel like a loser if it happens again, and everything she cares about — her daughter, financial stability, and her home — is at risk. Karen has no savings for herself or for Bailey's future.
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This episode of Maxed Out made me feel for the in-debt participant more than any other. It's about a 27-year old single mom named Marybell who left her abusive ex-husband five years ago with her three children. Her ex doesn't provide any child support and Marybell used debt as a stepping stone to gain independence — the only trouble is that it's gotten out of control.
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Last month it looked as if Linens 'n Things was doomed to go out of business, and when no bidders stepped up to keep some of the stores open the chain had no other choice but to admit its non-existent future.
According to The Wall Street Journal, the coalition of liquidators in charge of shutting down Linens 'n Things could start the going-out-of-business sales today. Whether they begin today, tomorrow, or next month, liquidation is inevitable and as with all of these situations there's no guarantee about what will be on the shelves.
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Linens 'n Things, which went bankrupt in May but failed to find a buyer, will begin to liquidate its remaining stores as early as Thursday, according to Reuters. The retailer, "one of the largest purchasers of home furnishings in the United States," grappled with the "housing slowdown and a decline in consumer discretionary spending" and then went under due to the credit crisis which "prevented possible buyers from getting the credit to fund a purchase." Since filing bankruptcy it has already closed 100 stores, and expects to close the rest by the new year.
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After 94 years, cookie company Mother's Cookies has closed its doors.
The Michigan-based company, which filed for Chapter 11 bankruptcy on Monday, told its workers last Friday that cookies would no longer be made as of Monday.
The reason cited was the economic climate.
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What goes up in the business world doesn't always come down, but we've learned that sometimes it does happen. And when it's a big company in question, the fall is loud and far-reaching. Do you know which American company filed the biggest Chapter 11 bankruptcy in US history?
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Linens 'n Things filed for Chapter 11 bankruptcy protection back in May 2008, and after enduring an unkind Summer it looks like the chain must finally face its fate. It's predicted that the company will liquidate just in time for the holidays. Bad times for Linens 'n Things, but if you've been needing a new coffee grinder or only have two wine glasses in tact from your original set of eight, consider holding off on your purchases for a couple more months.
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