G. Heileman Brewing Company

Heileman's 1996 bankruptcy collapsed a company that had grown through acquisition to become America's fifth-largest brewer. The company owned dozens of regional brands (Old Style, Rainier, Lone Star, Schmidt) but couldn't integrate them efficiently. Serial ownership (Bond Corporation, Hicks Muse) loaded debt while competitors consolidated. Heileman demonstrated that collecting regional brands doesn't create national competitiveness.