Companies Pushed to the Brink

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Top Chapter 11 Bankruptcies

Kira Plastinina

The 15-year old daugher of a russian billionaire is being forced to shut down most of her 12 U.S. stores due to the economy. The company's U.S. division has filed for bankruptcy. Her 70 stores in Russia aren't affected according to Bloomberg.
-- More on Kira Plastinina

Kira's stores aren't the only bankruptcies over the past year. Click through our gallery and see which other well-known businesses made this dubious list.

Next Up: Waterford

Waterford Wedgwood

Classic china and crystal maker Waterford Wedgwood becomes the latest well-known brand to file for bankruptcy after attempts to restructure the company or find a buyer failed.

More on Waterford's bankruptcy

Next Up: Tribune Co.

Tribune Co.

Tribune Co., the media conglomerate that owns the Chicago Tribune and the Los Angeles Times as well as the Chicago Cubs and Wrigley Field, filed for Chapter 11 bankruptcy protection on Dec. 8.

Next: Aloha Airlines

Aloha Airlines

After more than 60 years of service to and within Hawaii, Aloha Airlines made its last passenger flight on March 31. The airline filed for bankruptcy protection 10 days earlier -- it had just emerged from a 14-month bankruptcy two years earlier -- and thought then that it would continue operations.

Next: Sharper Image

Sharper Image

Retailer Sharper Image Corp filed for Chapter 11 bankruptcy protection on Feb. 19, citing declining sales, three straight years of losses and litigation involving its Ionic Breeze air purifiers. It went out of business several months later.

Next: Advantage Rent a Car

Advantage Rent a Car

Car rental company Advantage is one the latest U.S. firms to file for bankruptcy as cash-strapped consumers do less traveling during a slumping economy. When it made the announcement on Dec. 8, the company also said that it would close about 40 percent of its U.S. retail locations.

Next: Bally's Sports Club

Bally's Sports Club

For the second time in 2 years gym operator Bally Total Fitness has filed for bankruptcy protection. The company, which operates nearly 350 facilities nationwide, made the latest announcement Dec. 3.

Next: Pilgrim's Pride

Pilgrim's Pride

U.S. meat makers, especially Pilgrim's Pride, are hurting as their profits shrink in the wake of volatile feed prices. On Dec. 1, Pilgrim's Pride, the largest U.S. chicken producer, also weighed down by a sagging debt load, filed for Chapter 11 bankruptcy protection.

Next: Tweeter

Tweeter

Home electronics retailer Tweeter filed for Chapter 11 in 2007 but in early December, the company coverted its case to a Chapter 7 filing and began to liquidate its stores.

Next: Hawaiian Telecom

Hawaiian Telecom

On Dec. 1, Hawaiian Telcom Communications Inc., the largest telephone company on the Hawaiian islands, filed for Chapter 11 bankruptcy protection. The company cited ncreased competition, economic volatility and its failure to meet capital expenditure needs.

More: DayJet

DayJet

On Nov. 21, Boca Raton-based DayJet Corp., a small startup airline that intended to shuttle busy business travelers between regional airports grounded its planes and filed for Chapter 7 bankruptcy.

Next: Circuit City

Circuit City

On Nov. 10, just a week after electronics retailer Circuit City announced that it would shutter 155 of its more than 700 stores, the company filed for Chapter 11 bankruptcy protection.

Next: Mattress Discounters

Mattress Discounters

Following $2.9 million in losses this year in the New England market, Mattress Discounters said in September that it would close 48 stores there. The discount retailer also filed for Chapter 11 protection.

Next: Mervyn's

Mervyn's

Ailing department store chain Mervyn's announced in mid-October that it would liquidate its remaining 149 stores. Mervyns filed for Chapter 11 bankruptcy protection in July after vendors held up shipments and lenders withheld financing when the shop fell silent about its finance

Next: Bennigan's

Bennigan's

In July, Metromedia Restaurant Group, the parent company of Bennigan's and Steak & Ale restaurant chains, filed for Chapter 7 bankruptcy protection and closed 150 of it's company-owned stores.

Next: Steve & Barry's

Steve and Barry's

After filing for bankruptcy in July, Steve & Barry's was bought by Bay Harbour Management for $168 million, which specializes in turning around distressed and bankrupt properties. On Nov. 20, the new owners said that they would liquidate the company's remaining 173 stores.

Next: IndyMac

IndyMac

The Office of Thrift Supervision shut down IndyMac Bank on July 11 after it succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. Control of its assets were transferred to the Federal Deposit Insurance Corp. On Aug. 1, IndyMac filed for bankruptcy protection.

Next: Boscovs

Boscovs

Department store Boscov's filed for Chapter 11 protection in August. On Nov. 21, a judge approved the sale of the company to two former executives.

Next: Lehman Brothers

Lehman Brothers

Storied Wall Street investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection in September after the U.S. government refused to rescue it. It was the largest bankruptcy filing in U.S. history.

Next: Washington Mutual

Washington Mutual

Also in September, Washington Mutual decided to file for bankruptcy protection after selling its banking operations to JPMorgan Chase. It was the biggest bank failure in U.S. history.

Next: Linens 'n Things

Linens 'n Things

Home goods retailer Linens 'n Things filed for bankruptcy protection in May, and several months after failing to find a buyer the company began a liquidation sale.

Next: Skybus

Skybus

Skybus Airlines -- a discount airline known for $10 fares and a la carte extras -- abruptly shut down April 5 following a bankruptcy filing the day before. The airline made 74 daily flights to 15 U.S. cities. The shutdown affected about 350 employees in Columbus, Ohio, and 100 in Greensboro, N.C.

Next: Frontier Airlines

Frontier Airlines

Frontier Airlines, a discount carrier based in Denver, filed for bankruptcy on April 11 after its main credit card processor said it would start withholding significant portions of ticket sales. Unique among airlines that have sought bankruptcy protection so far this year, Frontier plans to continue flying.

Next: Lillian Vernon

Lillian Vernon

Founded in 1952 by housewife Lillian Hochberg out of her Mount Vernon, New York apartment the famous catalog retailer filed for Chapter 11 bankruptcy protection in February after laying off half its workers following a bad 2007 holiday shopping season.

Following the bankruptcy filing, the company was sold to Current USA.

Next: ATA Airlines

Domain Home Furniture

The 27-store Norwood, Massachusetts-based chain was founded in 1985. For two decades Domain Home was a mainstay of the Northeast's high-end furniture market known for quality furniture and other home decor products. The company filed for chapter 11 bankruptcy protection in February and closed in March.

Next: Mrs. Fields Famous Brands LLC

Mrs. Fields Famous Brands LLC

The company was founded by housewife Debbi Fields in the late 1970's. Her famous homemade cookies which quickly grew in popularity. The company filed for bankruptcy protection in August and after a reorganization emerged out of it in October.

Next: Tropicana Entertainment

Tropicana Entertainment

The casino company rolled the dice and came up Chapter 11 in May when its New Jersey casino license was revoked. The company has operated in the hotel/hospitality industry for more than 35 years with 11 casinos currently in Louisiana, Mississippi, Indiana and Nevada. It formerly had the Tropicana Casino in Atlantic City before being shut down.

Next: Progressive Auto Parts

Progressive Auto Parts

The 20-year old auto parts maker is the latest casualty in the collapsing U.S. auto market. The company filed for Chapter 11 bankruptcy protection in June.

Next: Hard Rock Park

Hard Rock Park

With a cost of $400 million, the Myrtle Beach, SC amusement park opened to much fanfare in June. By the end of the summer the park had lost a ton of money and ceased operations in September for the year. It remains to be seen if it can re-open in 2009.

Next: Whitehall Jewelers

Whitehall Jewelers

Founded in 1895, the Chicago-based jeweler had about 375 retail locations in 39 states this year. Following a bankruptcy filing in June, Whitehall Jewelers announced that it's closing all locations in November.

Next: Goody's

Goody's

The Knoxville, Tennessee-based family clothing retailer was founded in 1953 and operates close to 400 stores in the south and midwest. The struggling retailer filed for Chapter 11 bankruptcy in June and has closed a bunch of stores throughout the year.

Next: Ziff Davis

Ziff Davis

Founded in 1927 by William B. Ziff, Sr. and Bernard G. Davis, the Chicago-based company originally was a publisher of hobbyist magazines. Since 1980, Ziff Davis has primarily published computer and technology related magazines, and its growing number of websites, spun off from its magazines. The company filed for Chapter 11 bankruptcy protection in March.

Next: Buffets Holdings

Buffets Holdings

The Minnesota-based company operated over 600 buffet restaurants in 39 states in early 2008 before filing for Chapter 11 bankruptcy protection in January. Among its buffet brands are Old Country Buffet, Ryan's Grill Buffet and HomeTown Buffet. The company announced it would close 52 locations.

Next: KB Toys

Polaroid

Founded in 1937 by Edwin Land, the Massachusetts-based company was most famous for its instant film cameras. The company has struggled in recent years with the photography evolution. The company stopped making cameras in 2007 and announced it will stop selling film in 2009. On December 18, the company also announced it was filing for Chapter 11 bankruptcy protection.

Next: KB Toys

KB Toys

Founded in 1922, the toy retailer operated over 600 stores in 44 states. Competition from big-box retailers like Wal-Mart first forced the company into Chapter 11 in 2004. Things didnt get any better after that and on December 11 the company filed for Chapter 11 protection again and started liquidating all of its remaining stores.

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Companies Pushed to the Brink

Top Chapter 11 Bankruptcies

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