DEFUNCT
236 companies
Blockbuster
Video Rental & Entertainment
Blockbuster didn't fail because it missed Netflix. The company knew about Netflix, even considered acquiring them for $50 million. Blockbuster failed...
WeWork
Real Estate / Co-working
WeWork became biology's most expensive teaching moment: a $47 billion cautionary tale about what happens when growth has no limiting factor. The co-wo...
Watson Health
Healthcare Technology
IBM Watson Health was IBM's healthcare AI division, launched in 2015 with the acquisition of health data companies Phytel, Explorys, Truven Health Ana...
24 Hour Fitness
Fitness
24 Hour Fitness' June 2020 bankruptcy collapsed America's second-largest gym chain. The company had expanded aggressively, reaching 445 clubs through...
3dfx Interactive
Technology
3dfx's 2000 sale to NVIDIA ended the graphics card pioneer that created the Voodoo chipset. The company that popularized 3D gaming graphics was outman...
A&P (Great Atlantic & Pacific Tea Company)
Retail - Grocery
A&P's 2015 liquidation ended 156 years of grocery retailing. Once America's largest retailer, A&P couldn't survive competition from Walmart, Kroger, a...
A123 Systems
Clean Energy
A123 Systems represented America's great hope in EV battery manufacturing. The company received $249 million in federal grants and built a Michigan fa...
ABC Learning
Education
ABC Learning's 2008 collapse—then Australia's largest childcare operator—demonstrates how rapid franchise expansion can create fragility. The company...
Abraaj Group
Private Equity
Abraaj, once the developing world's largest private equity firm managing $14 billion, collapsed in 2018 when investors discovered it had commingled fu...
Adelphia Communications
Cable Television
Adelphia's 2002 bankruptcy revealed one of the largest family fraud schemes in corporate history—the Rigas family had stolen $2.3 billion from a compa...
Aereo
Media
Aereo used individual antennas to capture over-the-air TV and stream it to subscribers, exploiting a legal loophole the Supreme Court closed in 2014....
Alitalia (2017)
Aviation
Alitalia's 2017 bankruptcy was its second - the Italian flag carrier had already failed in 2008. This time, after €7 billion in government and private...
Aloha Airlines
Aviation
Aloha Airlines' 2008 bankruptcy and closure ended a Hawaiian carrier after 61 years. The company faced impossible economics: a small island market, co...
Alpha Natural Resources
Mining
Alpha Natural Resources collapsed into bankruptcy in 2015, just four years after its $7.1 billion acquisition of Massey Energy made it America's large...
American Apparel
Retail - Apparel
American Apparel's two bankruptcies (2015, 2016) and liquidation demonstrated how founder-dependent companies can collapse when founders become liabil...
Ann Arbor News
Newspaper
The Ann Arbor News' 2009 closure after 174 years to become online-only demonstrates how digital transformation can equal functional death. The replace...
Ansett Australia
Aviation
Ansett Australia's 2001 collapse grounded Australia's second-largest airline overnight, stranding 110,000 passengers. The airline had been Australia's...
Approach Resources
Oil & Gas
Approach Resources' November 2019 bankruptcy exemplified the shale oil bust that killed dozens of E&P companies. The Permian Basin operator had drille...
ArcLight Cinemas / Pacific Theatres
Entertainment
ArcLight Cinemas' April 2021 permanent closure shocked Los Angeles - the beloved Cinerama Dome and ArcLight Hollywood wouldn't reopen after COVID. Par...
Ascena Retail Group
Retail - Apparel
Ascena Retail Group's 2020 bankruptcy demonstrated how retail roll-up strategies can create unwieldy conglomerates that lack coherent identity or oper...
ATA Airlines
Aviation
ATA Airlines' 2008 closure ended a low-cost carrier that had pioneered cheap flights from the Midwest. The company filed bankruptcy in 2004, emerged a...
B. Altman and Company
Department Store
B. Altman's 1989 closure after 124 years demonstrates how real estate value can exceed retail value, creating perverse incentives for liquidation. The...
Banco Espírito Santo
Banking
BES's 2014 collapse demonstrates how family-controlled banks can be hollowed out by related-party lending. Portugal's largest private bank made loans...
Barneys New York
Retail - Luxury
Barneys New York's 2019 bankruptcy ended a luxury retail institution that had shaped American fashion for nearly a century. The store's Madison Avenue...
Beepi
Automotive
Beepi's 2017 collapse after raising $150 million demonstrates how peer-to-peer used car marketplaces face fundamental unit economics challenges. The s...
Bennigan's
Restaurant
Bennigan's 2008 sudden closure—all 150 company-owned locations shuttered overnight—exemplifies how casual dining's middle market faced extinction pres...
Bethlehem Steel
Steel Manufacturing
Bethlehem Steel's 2001 bankruptcy ended a company that had built the Golden Gate Bridge, the Hoover Dam, and the Madison Square Garden, symbolizing Am...
Better Place
Clean Energy
Better Place's 2013 collapse after $850 million raised demonstrates how infrastructure-first EV strategies can fail. The battery-swap company built st...
Blue Apron
Food
Blue Apron pioneered meal kits but watched its $2 billion IPO valuation collapse to under $100 million as customer acquisition costs exceeded lifetime...
Bodega (Startup)
Retail
Bodega raised $2.5M to replace corner stores with AI-powered vending machines, generating immediate backlash for its name and mission to eliminate imm...
Bon-Ton Stores
Retail
Bon-Ton's April 2018 liquidation ended 120 years of regional department store history. The company operated 260 stores across the Midwest and Northeas...
Bonwit Teller
Luxury Retail
Bonwit Teller's 1990 liquidation ended 95 years of luxury retail and was precipitated by Trump Organization's 1980 demolition of its Art Deco treasure...
Boo.com
E-commerce - Fashion
Boo.com's May 2000 collapse after burning through $135 million in 18 months became the symbol of dot-com hubris. The fashion e-commerce site was techn...
Borden Dairy
Food Processing
Borden Dairy's January 2020 bankruptcy came two months after Dean Foods, demonstrating the dairy industry's structural crisis. The 163-year-old compan...
Borders Group
Retail - Books
Borders' 2011 liquidation ended America's second-largest bookstore chain through a series of mechanism failures so textbook they should be required re...
Bradlees
Retail
Bradlees' 2001 liquidation closed 105 discount stores across the Northeast after two bankruptcies (1995, 2000). The company served working-class custo...
Brandless
Consumer Goods
Brandless sold generic products for $3, betting that eliminating brands would eliminate 'brand tax.' SoftBank invested $240M. But consumers discovered...
Braniff International
Airlines
Braniff International's 1982 bankruptcy was the first major airline failure after deregulation, demonstrating how protected industries can collapse wh...
Breather
Real Estate
Breather raised $120M for on-demand private meeting spaces, essentially WeWork by the hour. The company collapsed during COVID when no one needed meet...
British Home Stores (BHS)
Retail
BHS's 2016 collapse after sale to serial bankruptcy specialist Dominic Chappell demonstrates how ownership changes can accelerate death. Philip Green...
Brooks Brothers
Retail - Apparel
Brooks Brothers' 2020 bankruptcy ended 202 years of American menswear tradition—the oldest clothing retailer in continuous operation in the United Sta...
Brookstone
Specialty Retail
Brookstone's 2018 bankruptcy and mall store closures ended a gadget retailer that pioneered experiential shopping - massage chairs and electronic gadg...
Bumble Bee Foods
Food Processing
Bumble Bee's November 2019 bankruptcy collapsed the second-largest canned tuna producer in America. The company pleaded guilty to price-fixing in 2017...
Caldor
Retail
Caldor's 1999 bankruptcy and liquidation ended a Northeast discount chain that had expanded too fast with too much debt. The company grew from 145 to...
Casper Sleep
Consumer Goods
Casper raised $340M and IPO'd at $1.1 billion to become 'the Nike of sleep.' But mattresses are purchased every 8-10 years, making customer acquisitio...
Celsius Network
Cryptocurrency Lending
Celsius Network's July 2022 bankruptcy destroyed a crypto lending platform that had managed over $10 billion in customer assets. The company offered h...
Century 21
Retail - Department Store
Century 21's 2020 bankruptcy ended a New York retail institution that had operated for 60 years across the street from the World Trade Center. The dis...
Charlotte Russe
Retail
Charlotte Russe's 2019 liquidation closed 500+ stores of the young women's fashion chain. The company had filed bankruptcy in 2017, emerged, then file...
Charming Charlie
Retail
Charming Charlie filed bankruptcy twice - in 2017 and 2019 - before liquidating entirely. The accessories retailer organized stores by color rather th...
Cherry (Car Wash)
Consumer Services
Cherry raised $9M for on-demand mobile car washing, then collapsed in 2013 when customers wouldn't pay enough to cover labor and water costs. The comp...
Chesapeake Energy
Oil & Gas
Chesapeake's 2020 bankruptcy ended the fracking revolution's most aggressive evangelist. Aubrey McClendon built America's second-largest gas producer...
Chi-Chi's
Restaurants - Casual Dining
Chi-Chi's 2003 bankruptcy and closure was triggered by a hepatitis A outbreak that killed 4 people and sickened 660 at a Pennsylvania location. The co...
Christmas Tree Shops
Discount Retail
Christmas Tree Shops' 2023 liquidation demonstrates how seasonal retail dependency creates boom-bust vulnerability. The discount chain owned by Bed Ba...
Christopher & Banks
Retail
Christopher & Banks' January 2021 bankruptcy ended a 65-year-old women's apparel chain targeting women over 40 in suburban and small-town locations. T...
Chrysler (Pre-Bankruptcy)
Automotive
Chrysler's 2009 bankruptcy—its second near-death experience after 1980—reveals the fragility of organisms that survive through repeated bailouts rathe...
Cineworld Group
Entertainment
Cineworld's September 2022 bankruptcy collapsed the world's second-largest cinema chain. The UK company had acquired Regal Entertainment in 2018 for $...
Claire's Stores
Retail
Claire's March 2018 bankruptcy collapsed the teen accessory giant under $2 billion in debt from a 2007 LBO. Apollo Management had paid $3.1 billion, l...
Coldwater Creek
Retail
Coldwater Creek's 2014 bankruptcy collapsed a catalog and retail brand targeting women over 50. The company had thrived in the 1990s-2000s catalog era...
Colonial Bank
Banking
Colonial Bank's 2009 failure reveals how fraud can remain hidden until economic stress exposes it. Taylor Bean & Whitaker, Colonial's major customer,...
CompUSA
Electronics Retail
CompUSA's decline and 2007 closure by Mexican retailer Grupo Sánchez demonstrated how electronics retail was being squeezed from multiple directions....
Conseco
Financial Services
Conseco's 2002 bankruptcy at $61 billion in assets demonstrated how financial services companies can destroy themselves through acquisitive growth tha...
Cosi Inc
Restaurant
Cosi's September 2016 bankruptcy collapsed a fast-casual chain known for its signature flatbread sandwiches. The company had been public, achieving 15...
Countrywide Financial
Financial Services
Countrywide was America's largest mortgage lender and the poster child for subprime excess before its 2008 distressed sale to Bank of America. The com...
Daewoo Motor
Automotive
Daewoo Motor's 2000 bankruptcy collapsed South Korea's second-largest automaker after the Asian financial crisis exposed unsustainable expansion. The...
Data General Corporation
Technology
Data General's 1999 sale to EMC ended another minicomputer maker disrupted by PCs and servers. The company featured in Tracy Kidder's 'Soul of a New M...
Deadspin (Shutdown)
Digital Media
Deadspin's 2019 shutdown after 'Stick to Sports' directive demonstrates how media brands can be killed by owners who don't understand what made them v...
DeLorean Motor Company
Automotive
DeLorean's 1982 bankruptcy collapsed the stainless steel gull-wing sports car company after producing only 9,000 DMC-12s. John DeLorean's vision requi...
Delphi Corporation
Auto Parts Manufacturing
Delphi's 2005 bankruptcy was the largest American manufacturing bankruptcy at the time, demonstrating how GM's problems were exported to its suppliers...
Destination Maternity
Specialty Retail
Destination Maternity's 2019 bankruptcy collapsed the parent of Motherhood Maternity and A Pea in the Pod after birth rates declined and online compet...
Digital Equipment Corporation
Technology
DEC's 1998 sale to Compaq ended the minicomputer pioneer that Ken Olsen built. DEC's VAX systems dominated business computing until PCs and Unix works...
Duesenberg
Automotive
Duesenberg's 1937 demise during the Depression demonstrates how ultra-luxury goods businesses face existential risk during economic contractions. The...
Eastern Air Lines
Airlines
Eastern Air Lines' 1991 shutdown ended 65 years of aviation history and demonstrated how labor conflict can create positive feedback loops that destro...
Eastern Outfitters / Bob's Stores / EMS
Retail
Eastern Outfitters' 2017 bankruptcy collapsed Bob's Stores and Eastern Mountain Sports, two New England retail chains with different positioning (disc...
Enron Broadband Services
Technology
Enron Broadband was the most ambitious fraud within the larger Enron fraud. The unit claimed to revolutionize video streaming with a 'content delivery...
eToys.com
E-commerce - Toys
eToys.com's 2001 bankruptcy ended a company that had briefly been worth more than Toys 'R' Us despite having a fraction of the revenue. The online toy...
F.W. Woolworth
Retail
Woolworth's 1997 closure ended the original five-and-dime store concept after 118 years, demonstrating how format pioneers become format victims. The...
Fab.com
E-commerce
Fab.com's collapse from $1 billion valuation to $15 million sale exemplifies startup hype cycles. The design-focused flash sale site grew to $150 mill...
Fast (Checkout)
Fintech
Fast raised $120M to create a one-click checkout button, then collapsed in 2022 after burning $10M per month with minimal revenue. The company's CAC w...
FDX Corporation (Quepasa)
Technology
FDX Corp's 2001 collapse illustrates how tech companies can implode when business models prove entirely fictional. The company claimed revolutionary l...
Fisker Automotive
Automotive
Fisker Automotive (the first one) collapsed in 2013, burning through $1.4 billion including $529 million in federal loans. The company outsourced ever...
Fisker Inc
Automotive
Fisker's 2024 bankruptcy marked Henrik Fisker's second failed attempt at electric vehicles. After Fisker Automotive's 2013 collapse, he returned with...
Flooz.com
Digital Currency / E-commerce
Flooz.com's 2001 collapse demonstrated that digital currency concepts predated cryptocurrency by a decade—and failed for reasons blockchain enthusiast...
Francesca's
Retail
Francesca's December 2020 bankruptcy collapsed the women's boutique chain after a decade of decline. The company had grown to 700 stores selling affor...
Friendly's
Restaurants - Family Dining
Friendly's repeated bankruptcies (2011, 2020) illustrate how organisms can enter extinction spirals where each near-death leaves them weaker. The New...
Friendster
Social Media
Friendster's decline from social network pioneer to footnote demonstrates how first-mover advantage can be squandered. Technical failures during growt...
Fry's Electronics
Electronics Retail
Fry's Electronics' February 2021 closure ended a 36-year-old chain that had been beloved by tech enthusiasts for its warehouse-style stores with theme...
FTX
Cryptocurrency
FTX's 2022 collapse from $32 billion to bankruptcy in 10 days represents the fastest destruction of institutional value in history. Sam Bankman-Fried'...
Gander Mountain
Retail - Outdoor
Gander Mountain's 2017 bankruptcy and partial acquisition by Camping World demonstrated how outdoor retail was consolidating around survivors who coul...
Garden Fresh Restaurants
Restaurant
Garden Fresh Restaurants' May 2020 bankruptcy permanently closed both Souplantation and Sweet Tomatoes chains. The company operated 97 buffet location...
General Motors (Pre-Bankruptcy)
Automotive
GM's 2009 bankruptcy—the largest industrial bankruptcy in history—demonstrates how legacy costs can crush even dominant organisms. The company that on...
Gimbels
Department Store
Gimbels' 1987 closure ended the retailer immortalized in 'Miracle on 34th Street,' demonstrating how department stores faced existential pressure from...
Gold's Gym
Fitness
Gold's Gym's May 2020 bankruptcy collapsed the iconic bodybuilding brand that launched Arnold Schwarzenegger's career. The company had franchised glob...
Gottschalks
Retail
Gottschalks' 2009 liquidation closed a 105-year-old California department store chain. The company operated 58 stores in secondary Western markets whe...
GoTV Networks
Media
GoTV Networks, a mobile video pioneer, collapsed in 2007 after betting on mobile TV before smartphones existed. The company raised $20M to deliver vid...
Grooveshark
Music Streaming
Grooveshark's 2015 shutdown from copyright lawsuits demonstrates how unlicensed music services face legal destruction. The streaming service allowed u...
GTL Limited
Telecommunications
GTL Limited's 2012 bankruptcy represented India's largest corporate debt default at the time - $2.8 billion owed to 26 banks. The telecom infrastructu...
Gymboree
Retail - Children's Apparel
Gymboree's two bankruptcies (2017, 2019) and ultimate liquidation demonstrated how children's apparel retail was being disrupted from multiple directi...
Hahnemann University Hospital
Healthcare
Hahnemann's September 2019 closure demonstrated predatory real estate conversion in healthcare. Private equity firm Paladin Healthcare bought Philadel...
Halcón Resources
Oil & Gas
Halcón Resources' August 2019 bankruptcy was the company's second in three years - it had emerged from Chapter 11 in 2016 only to return in 2019. CEO...
Hexion Holdings
Chemicals
Hexion's April 2019 bankruptcy collapsed a specialty chemicals company assembled through private equity acquisitions. Apollo Global Management had com...
hhgregg
Retail
hhgregg's 2017 liquidation closed 220 appliance and electronics stores after Amazon and Best Buy squeezed the regional chain. The company had expanded...
HHGregg
Electronics/Appliance Retail
HHGregg's 2017 liquidation ended a regional electronics and appliance retailer that had operated for 60 years across the Midwest and Southeast. The co...
HIH Insurance
Insurance
HIH's 2001 collapse—Australia's largest corporate failure—demonstrates how insurance can mask insolvency through reserve manipulation. The company wro...
Homejoy
Gig Economy
Homejoy's 2015 shutdown demonstrates how gig economy companies face classification liability that destroys them. The house cleaning marketplace faced...
Horn & Hardart Automats
Restaurant
Horn & Hardart's 1991 closure ended the automat concept after 89 years, demonstrating how labor cost advantages disappear when technology commoditizes...
Hostess Brands (2012)
Food Manufacturing
Hostess Brands' 2012 liquidation ended the company that made Twinkies, Wonder Bread, and Ho Hos—brands that had been American icons for decades. The c...
House of Fraser
Department Store
House of Fraser's 2018 collapse and fire-sale to Sports Direct demonstrates how luxury retail brands can be gutted by value-focused buyers. Mike Ashle...
Howard Johnson's
Restaurant/Hospitality
Howard Johnson's century-long decline from America's largest restaurant chain to a single location illustrates format obsolescence at geological times...
Hummer (Brand)
Automotive
Hummer's 2010 discontinuation by GM demonstrates how fuel price spikes can instantly kill vehicle segments. The military-derived SUV that symbolized A...
ImClone Systems
Biotechnology
ImClone's 2002 crisis—triggered by FDA rejection of cancer drug Erbitux—illustrates how single-product biotechs face binary survival odds. Martha Stew...
IndyMac Bancorp
Banking
IndyMac's July 2008 FDIC seizure was one of the largest bank failures in U.S. history, triggered by a bank run after Senator Chuck Schumer released a...
IndyMac Bank
Banking
IndyMac's 2008 failure—the second-largest bank failure in US history at the time—demonstrates how mortgage concentration creates systemic fragility. T...
Iridium LLC (Original)
Telecommunications - Satellite
Iridium's 1999 bankruptcy wrote off $5 billion in investment in satellite phones that cost too much for too few users. The Motorola-led consortium lau...
J.Crew
Retail - Apparel
J.Crew's 2020 bankruptcy was the first major retail casualty of COVID-19, demonstrating how weakened companies die first in industry shocks. The prepp...
Jawbone
Consumer Electronics
Jawbone's 2017 liquidation ended a hardware company that raised $930 million but never achieved sustainable sales. The company made Bluetooth speakers...
Jeff Skilling's Enron
Energy
Jeff Skilling's vision of Enron as 'asset-light' trading company represents how intellectual arrogance can destroy value. The McKinsey consultant-turn...
Jet Airways (India)
Airlines
Jet Airways' 2019 grounding ended India's oldest private airline after cash ran out to fuel planes. The company had been India's second-largest carrie...
Joost
Media
Joost, founded by Skype creators Niklas Zennström and Janus Friis, raised $45M to deliver TV over the internet in 2007. The company pioneered streamin...
Juicero
Consumer Electronics
Juicero's 2017 shutdown after raising $120 million became Silicon Valley's most mocked failure—a $400 WiFi-connected juicer that squeezed proprietary...
Katerra
Construction Technology
Katerra's 2021 bankruptcy destroyed $2 billion in invested capital in a construction technology company that was supposed to revolutionize building th...
Kmart
Retail
Kmart's 2002 bankruptcy ended the discount retailer's decades-long decline from market leadership to irrelevance. The company that pioneered discount...
Kmart Corporation (2002)
Retail
Kmart's 2002 bankruptcy was the largest retail bankruptcy in U.S. history at the time - $17 billion in liabilities. The discount retailer had lost the...
Kozmo.com
E-commerce - Delivery
Kozmo.com's 2001 shutdown after burning through $280 million demonstrated that on-demand delivery economics don't work without minimum orders, surge p...
Krystal
Restaurant
Krystal's January 2020 bankruptcy collapsed the Southern slider chain after 88 years. The company had been through multiple private equity owners, eac...
LG Mobile Division
Technology
LG's April 2021 exit from mobile phones ended a division that peaked at #3 global market share. Despite innovative designs (curved screens, modular ph...
Linens 'n Things
Retail - Home Goods
Linens 'n Things' 2008 liquidation preceded Bed Bath & Beyond's collapse by 15 years but shared the same fundamental weakness: a home goods format squ...
Logan's Roadhouse
Restaurant
Logan's Roadhouse's April 2020 bankruptcy came weeks into COVID after the chain made an aggressive decision: it furloughed 18,000 employees and immedi...
Long-Term Capital Management
Hedge Fund
LTCM's 1998 collapse—requiring Fed-coordinated rescue by 14 banks—demonstrates how leverage combined with crowded trades creates systemic risk. The he...
Lord & Taylor
Department Store
Lord & Taylor's 2020 bankruptcy ended America's oldest department store after 194 years. Le Tote, a fashion rental startup, had acquired the chain for...
LTV Steel
Steel Manufacturing
LTV Steel's 2000 bankruptcy and subsequent liquidation was the third chapter for a company that had already filed bankruptcy twice (1986, 2000). The s...
Maple
Food Delivery
Maple, David Chang's premium meal delivery startup, raised $29M before shutting down in 2017. The company discovered that chef-driven quality couldn't...
McClatchy
Publishing - Newspapers
McClatchy's 2020 bankruptcy ended 163 years of newspaper publishing, including the Miami Herald and Sacramento Bee. The company had acquired Knight Ri...
Medley Management
Financial Services
Medley Management, a business development company manager, collapsed in 2021 after years of related-party transactions enriched insiders while depleti...
Mercury (Brand)
Automotive
Mercury's 2011 discontinuation ended Ford's intermediate brand after 72 years of increasingly confused positioning. Originally 'the car for young prof...
Mervyn's
Retail - Department Store
Mervyn's 2008 liquidation ended a California department store chain after private equity ownership extracted real estate value while loading the compa...
Midway Airlines (2003)
Aviation
Midway Airlines' 2003 closure was the second death for an airline name that had failed in 1991. The 2001 revival attempted to serve Chicago's Midway A...
Modell's Sporting Goods
Retail - Sporting Goods
Modell's March 2020 bankruptcy ended 131 years of family ownership. The Northeast sporting goods chain faced competition from both Dick's Sporting Goo...
Monarch Airlines
Airlines
Monarch Airlines' 2017 collapse stranded 110,000 passengers in the UK's largest peacetime repatriation. The 49-year-old airline couldn't compete with...
Montgomery Ward
Retail
Montgomery Ward's 2001 liquidation ended a 128-year retail history. The company that pioneered mail-order catalogs and helped settle the American West...
Motorola Mobility
Consumer Electronics
Motorola Mobility's 2012 acquisition by Google for $12.5 billion, then 2014 sale to Lenovo for $2.9 billion, demonstrated how quickly phone market val...
MoviePass
Entertainment Subscription
MoviePass's 2019 collapse demonstrated that subsidized unit economics can create rapid growth that accelerates death rather than preventing it. The co...
MUJI USA
Retail
MUJI USA's July 2020 bankruptcy collapsed the American arm of Japan's minimalist retailer. The company had expanded to 19 U.S. stores targeting urban...
Munchery
Food Delivery
Munchery's 2019 sudden shutdown—employees learned via text—demonstrates how food delivery faces death spirals. The prepared meal delivery company had...
Myspace
Social Media
Myspace's decline from $580 million (2005) to $35 million sale (2011) exemplifies how network effects can reverse. In 2006, Myspace was the world's mo...
Nash Motors
Automotive
Nash's 1954 merger with Hudson created American Motors, ending Nash independence after pioneering unitized construction and compact cars. The Nash Ram...
Nasty Gal
E-commerce
Nasty Gal's November 2016 bankruptcy collapsed Sophia Amoruso's fashion e-commerce success story. The company that started on eBay selling vintage clo...
National Airlines (2002)
Aviation
National Airlines' 2002 closure ended a Las Vegas-based carrier that had grown quickly after 1999 launch. The company targeted transcontinental leisur...
Neiman Marcus (2020)
Retail
Neiman Marcus's May 2020 bankruptcy ended the luxury retailer's independence after a disastrous $6 billion leveraged buyout in 2013. Ares Management a...
Nokia Mobile Phones
Technology
Nokia's mobile phone division sale to Microsoft in 2013 for $7.2 billion ended the world's largest phone manufacturer. Nokia had 40% global market sha...
Nortel Networks
Telecommunications Equipment
Nortel's 2009 bankruptcy ended a Canadian technology giant that had once been worth $398 billion—the most valuable company in Canadian history. The co...
Olive AI
Healthcare Technology
Olive AI raised $900M at a $4B valuation to automate healthcare administration with AI, then laid off 75% of staff and sold assets in 2023. The compan...
Olympic Airways
Aviation
Olympic Airways' 2009 final closure after decades of Greek government support demonstrates how state airlines can become national embarrassments. Aris...
One Kings Lane
E-commerce
One Kings Lane's 2016 sale to Bed Bath & Beyond for under $30 million collapsed a home goods flash sale site once valued at $900 million. The company...
Open Road Films
Entertainment
Open Road's 2018 bankruptcy despite Oscar winner 'Spotlight' demonstrates how theatrical distribution faces structural decline. The independent distri...
Outbox
Consumer Services
Outbox raised $5M to digitize physical mail—employees would open your mail, scan it, and send you PDFs. The USPS refused to cooperate, requiring Outbo...
Pacific Lumber Company
Forestry
Pacific Lumber's 2007 bankruptcy collapsed a redwood logging company after hostile takeover by MAXXAM Inc. stripped its sustainable forestry practices...
Palm Inc
Technology
Palm's 2010 acquisition by HP for $1.2 billion ended the PDA pioneer that invented the modern smartphone category. Palm's Pilot and Pre devices were i...
Pan American World Airways
Airlines
Pan Am's 1991 bankruptcy ended an airline that had defined international aviation. The company pioneered transoceanic flight, introduced the Boeing 74...
Panasonic Mobile Communications
Technology
Panasonic's 2013 exit from smartphone manufacturing ended the Japanese electronics giant's mobile ambitions. Despite strong brand and manufacturing ca...
Papyrus
Retail
Papyrus closed in January 2020 - weeks before COVID - demonstrating that the greeting card industry's collapse predated the pandemic. The stationery c...
Patisserie Valerie
Restaurant
Patisserie Valerie's 2019 collapse from accounting fraud demonstrates how franchise growth can conceal problems until revelation is catastrophic. The...
Patriot Coal
Mining
Patriot Coal's story is one of deliberately manufactured failure. Peabody Energy spun off Patriot in 2007, stuffing it with older Appalachian mines an...
Payless ShoeSource
Retail - Footwear
Payless ShoeSource's two bankruptcies (2017, 2019) and liquidation ended America's largest discount footwear retailer, demonstrating how the value seg...
Pebble
Consumer Electronics
Pebble's 2016 sale to Fitbit for just $23 million after pioneering smartwatches demonstrates how category creators can be killed by better-resourced f...
People Express
Airlines
People Express's 1986 absorption into Continental demonstrated how low-cost airline strategies can succeed spectacularly, then fail just as spectacula...
Perkins Restaurant & Bakery
Restaurant
Perkins' August 2019 bankruptcy collapsed the family dining chain known for breakfast and baked goods. The company operated 342 restaurants across 32...
Pets.com
E-commerce / Pet Supplies
Pets.com's 268-day lifespan from IPO to liquidation made its sock puppet mascot the face of dot-com excess. The company sold $619 worth of merchandise...
Piccadilly Restaurants
Restaurant
Piccadilly's 2019 Chapter 11 filing came after years of decline for the Southern cafeteria chain. The company had been through bankruptcy before (2003...
Pier 1 Imports
Retail - Home Goods
Pier 1 Imports' 2020 liquidation ended a home goods retailer that had been declining for a decade before COVID-19 delivered the killing blow. The comp...
Plymouth
Automotive
Plymouth's 2001 discontinuation ended Chrysler's mass-market brand after 73 years. The brand had been Chrysler's volume division, competing with Ford...
Polaroid (Bankruptcy)
Photography
Polaroid's 2001 bankruptcy demonstrates how instant gratification businesses face extinction when faster alternatives emerge. The company that built a...
PopChest
Technology
PopChest raised $2M to create a YouTube competitor where creators owned their content via blockchain. The company shut down in 2018 when no one cared...
Prime Computer
Technology
Prime Computer's 1992 bankruptcy ended another minicomputer maker. The company had been profitable throughout the 1980s but couldn't survive PC and wo...
Proteus Digital Health
Healthcare Technology
Proteus Digital Health raised $500M to revolutionize medicine with ingestible sensors that tracked medication compliance. The technology worked—the FD...
Quiznos
Restaurants - Fast Casual
Quiznos' 2014 bankruptcy followed years of decline from 5,000 locations to under 1,000, illustrating how franchise conflicts can destroy restaurant ch...
RadioShack
Electronics Retail
RadioShack's slow death across two bankruptcies (2015, 2017) and ultimate liquidation illustrates how an organism can lose its ecological niche withou...
Rdio
Music Streaming
Rdio's 2015 bankruptcy demonstrates how music streaming platforms face winner-take-most dynamics. Despite superior design praised by critics, Rdio cou...
Refco
Financial Services
Refco's 2005 collapse came just weeks after its IPO, when it was revealed that CEO Phillip Bennett had hidden $430 million in bad debt by temporarily...
Relativity Media
Entertainment
Relativity's 2015 bankruptcy demonstrates how film studios can collapse from financial engineering gone wrong. Ryan Kavanaugh's company used complex f...
Reliance Communications
Telecommunications
Reliance Communications' 2019 insolvency ended Anil Ambani's telecom ambitions and demonstrated sibling rivalry as business strategy failure. When pat...
RTW Retailwinds
Retail
RTW Retailwinds (formerly New York & Company) filed bankruptcy in July 2020, collapsing a workwear retailer that had pivoted too late to survive. The...
Rue La La
E-commerce
Rue La La was sold multiple times at declining valuations: $350 million in 2009 to GSI Commerce, which was sold to eBay, which sold it to Kynetic in 2...
Rue21 (Bankruptcy)
Teen Apparel
Rue21's 2017 bankruptcy after expanding to 1,200 locations demonstrates how aggressive expansion can accelerate death. The teen retailer grew into hea...
Sabena
Aviation
Sabena's 2001 bankruptcy ended Belgium's 78-year-old flag carrier and triggered Swissair's collapse. The airline had been chronically unprofitable for...
Sam Goody / Musicland
Retail
Musicland's 2006 bankruptcy collapsed Sam Goody, Suncoast, and Media Play stores after Best Buy sold the chain for $408 million less than it paid. The...
Sambo's Restaurants
Restaurant
Sambo's collapse from 1,117 locations in 1979 to bankruptcy in 1981 demonstrates how brand toxicity can kill organisms rapidly. The restaurant's name...
Sanchez Energy
Oil & Gas
Sanchez Energy's August 2019 bankruptcy collapsed an Eagle Ford shale operator that had grown through aggressive drilling and acquisition. The company...
Sears Holdings
Retail
Sears' 2018 bankruptcy ended a 132-year run that once made it America's largest retailer. The company's collapse wasn't sudden—it was a 30-year extinc...
Secret
Social Media
Secret's 2015 shutdown after raising $35 million demonstrates how anonymous apps face rapid user exodus when novelty fades. The anonymous sharing app...
Shopko
Retail
Shopko's January 2019 bankruptcy collapsed a Midwestern discount department store chain serving small towns that Walmart and Target ignored. The compa...
Shyp
Logistics
Shyp raised $62M to let consumers photograph items and have them picked up, packaged, and shipped. The company discovered that the customers who most...
Signature Bank
Banking
Signature Bank's 2023 failure two days after SVB demonstrates how crypto exposure and contagion combine fatally. The bank had courted crypto customers...
Silicon Graphics
Technology
Silicon Graphics' 2009 bankruptcy ended a pioneer in 3D graphics that had powered Hollywood visual effects. SGI workstations created Jurassic Park's d...
Silicon Valley Bank
Banking
Silicon Valley Bank's March 2023 collapse was the second-largest bank failure in U.S. history and demonstrated how interest rate risk can kill a bank...
Sizzler USA
Restaurant
Sizzler USA's September 2020 bankruptcy collapsed the American operations of the steakhouse-buffet chain. The brand had already declined from 600+ U.S...
Solyndra
Solar Manufacturing
Solyndra's 2011 bankruptcy became a political symbol of government investment failure, but the company's collapse was fundamentally a mechanism failur...
Sony Ericsson Mobile
Consumer Electronics
Sony Ericsson's decline from premium phone maker to exit demonstrates how joint ventures can prevent adaptation. Neither Sony's media nor Ericsson's t...
Sports Authority
Retail - Sporting Goods
Sports Authority's 2016 liquidation ended America's largest sporting goods chain at a time when Americans were spending more on fitness than ever. The...
Sprig
Food Delivery
Sprig's 2017 shutdown demonstrates how premium food delivery faces unit economics that don't scale. The healthy meal delivery startup couldn't achieve...
Stage Stores
Retail
Stage Stores' May 2020 bankruptcy collapsed 738 stores operating under names like Bealls, Goody's, Palais Royal, and Peebles, primarily in small-town...
Steak 'n Ale
Restaurant
Steak 'n Ale's 2008 closure alongside sister chain Bennigan's demonstrates how restaurant concepts age out of relevance. The salad bar and casual stea...
Stein Mart
Off-Price Retail
Stein Mart's August 2020 bankruptcy ended 112 years of discount retail. The Jacksonville-based chain operated 281 stores targeting middle-aged women s...
Steinhoff International
Retail
Steinhoff's 2017 implosion ranks among the largest accounting frauds in history - €10 billion in fabricated profits over a decade. The South African r...
SunEdison
Clean Energy
SunEdison's 2016 bankruptcy was the largest in solar history - $16 billion in debt. The company invented the yieldco model: acquire solar projects, dr...
Sur La Table
Retail
Sur La Table's July 2020 bankruptcy collapsed the upscale kitchenware retailer after COVID shuttered its cooking classes, which drove store traffic. T...
Swissair
Aviation
Swissair's 2001 bankruptcy shocked the world - Switzerland's flag carrier, once called the 'Flying Bank' for its financial solidity, ran out of cash i...
Tailored Brands
Retail - Menswear
Tailored Brands' 2020 bankruptcy ended the parent company of Men's Wearhouse and Jos. A. Bank, demonstrating how workplace clothing retailers were dev...
Terra (LUNA)
Cryptocurrency
Terra's May 2022 collapse destroyed $40 billion in value within a week, demonstrating how algorithmic stablecoin mechanisms can enter death spirals. T...
Texaco (Bankruptcy)
Oil & Gas
Texaco's 1987 bankruptcy—triggered by a $10.5 billion Pennzoil judgment—represents the largest verdict-driven failure in history. A single handshake d...
TGI Fridays
Restaurants - Casual Dining
TGI Fridays' 2024 bankruptcy ended the casual dining chain that had pioneered the 'fern bar' concept in 1965. The company that introduced singles bars...
The Weekly Standard
Magazine
The Weekly Standard's 2018 closure demonstrates how ideological publications face extinction when they diverge from their base. The conservative magaz...
The Weinstein Company
Entertainment
TWC's 2018 bankruptcy after Harvey Weinstein's sexual abuse exposure demonstrates how organizations can be destroyed by founder misconduct. Decades of...
Thomas Cook (Collapse)
Travel
Thomas Cook's 2019 collapse ended 178 years of travel history and stranded 600,000 tourists worldwide. The company couldn't adapt to online booking, c...
Thomas Cook Group
Travel/Tourism
Thomas Cook's 2019 collapse ended 178 years of history - the company that invented the package holiday couldn't survive the internet that made it obso...
Trans World Airlines (TWA)
Airlines
TWA's 2001 absorption by American Airlines ended an airline that had defined transcontinental and transatlantic travel for half a century. Howard Hugh...
Trump Taj Mahal
Gaming/Hospitality
Trump Taj Mahal's multiple bankruptcies (1991, 2014, 2016) demonstrated how Atlantic City's decline killed even its largest casino. Donald Trump's $1...
Tucker Corporation
Automotive
Tucker Corporation's 1949 collapse ended Preston Tucker's attempt to revolutionize automotive safety and design. The Tucker 48 introduced rear-engine...
Tucson Citizen
Newspaper
The Tucson Citizen's 2009 closure ended Arizona's oldest newspaper at 138 years. The joint operating agreement with Arizona Daily Star couldn't save i...
Tuesday Morning
Retail - Home Goods
Tuesday Morning's multiple bankruptcies (2020, 2023) demonstrated how off-price retail struggled when consumer spending shifted during and after COVID...
Tupperware Brands
Consumer Goods
Tupperware's 2024 bankruptcy ended a brand that defined mid-century American domesticity. The direct sales model that built the company became its pri...
Ultimate Electronics
Retail
Ultimate Electronics' 2011 liquidation closed a chain of 46 electronics stores after years of decline. The company competed against Best Buy without t...
Virgin Australia (2020)
Aviation
Virgin Australia's April 2020 bankruptcy made it the largest Australian corporate collapse by revenue, owing $6.8 billion to creditors. The airline ha...
Voyager Digital
Cryptocurrency Brokerage
Voyager Digital's July 2022 bankruptcy was triggered by the collapse of Three Arrows Capital, a crypto hedge fund that owed Voyager $650 million. When...
Waldenbooks / B. Dalton
Retail
Waldenbooks and B. Dalton, Borders Group's mall-based chains, closed before the parent company's final liquidation. The small-format bookstores couldn...
Wang Laboratories
Technology
Wang Laboratories' 1992 bankruptcy collapsed a word processing giant that couldn't transition to personal computers. The company's proprietary word pr...
Washington Mutual
Banking
Washington Mutual's September 2008 failure remains the largest bank collapse in U.S. history—$307 billion in assets wiped out in a bank run that saw $...
Washio
Consumer Services
Washio raised $17M for on-demand laundry pickup, then collapsed in 2016 when it couldn't achieve profitability. The company discovered that laundry is...
Webvan
E-commerce - Grocery
Webvan's 2001 collapse after burning through $1.2 billion demonstrated that being right about the future doesn't guarantee survival until the future a...
Wet Seal (Final)
Teen Apparel
Wet Seal's 2017 final closure after emerging from 2015 bankruptcy demonstrates how teen retail's decline was structural, not cyclical. The teen retail...
Willys-Overland
Automotive
Willys-Overland's 1953 sale to Kaiser-Frazer ended the company that built the WWII Jeep. Willys couldn't convert wartime success into peacetime automo...
Winn-Dixie
Grocery Retail
Winn-Dixie's 2005 bankruptcy illustrates how regional dominance provides no protection against national predators. The Southern supermarket chain's co...
Winn-Dixie Stores (2005)
Retail
Winn-Dixie's 2005 bankruptcy collapsed a once-dominant Southern grocery chain. The company had operated 1,000+ stores across the Southeast. Walmart's...
Wirecard
Financial Technology
Wirecard's 2020 collapse after €1.9 billion went 'missing' was Europe's largest accounting fraud. The German payments company had been a DAX 30 member...
WorldCom
Telecommunications
WorldCom's $104 billion bankruptcy in 2002 revealed how acquisitive growth strategies can become pathological when the acquisition pipeline dries up....
Yik Yak
Social Media
Yik Yak's 2017 shutdown collapsed an anonymous social app that once achieved $400 million valuation. The app spread virally on college campuses, enabl...
Zirtual
Gig Economy
Zirtual's 2015 sudden shutdown—employees discovered via Slack—demonstrates how virtual assistant services face margin collapse. The company burned thr...