Bankruptcies: A difficult chapter in business history
Virgin Megastores North America is closing its last six U.S. locations this summer, including its Los Angeles store at Hollywood & Highland. The company’s not bankrupt, it just can’t afford the rent, CEO Simon Wright said. (Damian Dovarganes / Associated Press)
Circuit City abandoned its efforts to emerge from bankruptcy and opted instead to liquidate its inventory and close all its stores, including the Moreno Valley location. (Mark Boster / Los Angeles Times)
Anita Gonsalez, 51, works on the assembly line at Fleetwood Enterprises in Rialto. The Riverside maker of manufactured homes and recreational vehicles filed for Chapter 11 bankruptcy protection last week. It said it would close three factories and two service centers and eliminate 675 jobs, including 12 at the soon-to-be-shuttered Rialto plant. (Irfan Khan / Los Angeles Times)
A federal bankruptcy judge March 5 granted a motion by creditors of Eclipse Aviation to convert the company’s Chapter 11 restructuring to Chapter 7 liquidation after the Albuquerque, N.M., maker of very light, twin-engine jets failed to find a buyer. (Heather Clark / Associated Press)
The 176-bed Century City Doctors Hospital in the Century City Medical Plaza gave up hope of finding a buyer and filed for Chapter 7 liquidation last August. (Spencer Weiner / Los Angeles Times)
Ritz Camera Centers, the largest camera-store chain in the U.S., filed for bankruptcy protection in February, blaming the deepening recession and a consumer transition to digital photography. Ritz has about 800 locations, including this one in San Francisco. (Justin Sullivan / Getty Images)
Saab, General Motors’ Swedish subsidiary, sought bankruptcy protection in February in preparation to be spun off or sold. Saab’s first prototype automobile, manufactured in 1947, is displayed at the Saab museum in Trolhattan, Sweden. (Adam Ihse / Scanpix via AP)
Waterford Wedgwood, the Irish maker of classic china and crystal, filed for bankruptcy protection in January. The company, which employs about 7,700 worldwide, has been an iconic name in British pottery for 250 years. (Paul Ellis / AFP/Getty Images)
Silicon Graphics of Mountain View, Calif., known for computers that create special effects for Hollywood movies, filed for Chapter 11 protection in 2006. The company was told this week that Nasdaq may suspend trading in its stock because its market value had fallen below exchange criteria. (Paul Sakuma / Associated Press)
Charter Communications, the country’s fourth-largest cable operator, has said it expects to file a prearranged Chapter 11 bankruptcy by April 1 (Jeff Roberson / Associated Press)
Bally Total Fitness, hindered by debt and limited refinancing options amid the national credit crunch, filed for Chapter 11 in December for the second time in less than two years. (Kathy Willens / Associated Press)
The Minneapolis Star-Tribune, whose sale to a private equity group in 2007 came with a large debt burden, sought bankruptcy protection in January. (Jim Mone / Associated Press)
The Rocky Mountain News published its last edition on Feb. 27, almost 150 years after the first issue rolled off the press. Owner E.W. Scripps put the Denver paper up for sale in December but found no buyers. (John Moore / Getty Images)
The San Francisco Chronicle is battling to stay alive after Hearst Corp. said it would sell or close the paper, which lost $50 million last year. The Chronicle, founded in 1865, is the second newspaper Hearst has put on the block this year. (Justin Sullivan / Getty Images)
Anxiety roams the halls at General Motors’ Detroit headquarters. Earlier this month, GM’s auditor revealed in the automaker’s annual report that, despite an infusion of government cash, there was “substantial doubt” about the company’s ability to continue operations and bankruptcy was a possible outcome. (Bill Pugliano / Getty Images)
