If you’re going through tough financial times, you may be out of options and sometimes declaring bankruptcy is the only route left. Although it’s not an ideal situation to be in, declaring bankruptcy is not the end of your financial life. The proof? These four businesses filed bankruptcy and are still going strong years later.
Here are four businesses who filed for bankruptcy and overcame it to continue to be trusted brands that still exist today.
Abercrombie & Fitch
Once a popular t-shirt and jeans company, the retailer famous for its extremely good looking (and shirtless) male models is now in financial trouble. Yes, right now as we speak. According to CNN Money Abercrombie & Fitch is struggling with repeated losses each quarter and a stock price that’s reached a six-year low.
However Abercrombie & Fitch isn’t giving up and closing their doors just yet. They’re restructuring with a new CEO and selling corporate assets to free up some cash. If they can do it, so can you.
Despite his businesses filing bankruptcy four times, Donald Trump is currently worth a reported $4 billion according to Forbes. You must be wondering how can one of the richest men in America declare bankruptcy not once, but for times? The answer is simple, he didn’t.
Businesses that Trump owned or was associated with were in financial trouble and filed for Chapter 11 Bankruptcy protection. He has actually never filed for personal bankruptcy.
During a 2011 interview, Trump told Forbes that “great entrepreneurs have used bankruptcy to restructure debt, free up capital and improve their businesses.”
You must have seen the Macy’s one-day sale ads on TV, right? They show happy families celebrating holidays with discount prices on their favorite items from coffee machines to designer dresses. It paints the picture of a great all-American company and definitely a place where you want to shop.
But it hasn’t always been stars and stripes for R.H. Macy & Company, the business filed for bankruptcy in 1992 says the New York Times. However here we are, 23 years later and Macy’s is still going strong.
It’s hard to think of any comic book or superhero chain being one of the businesses filing bankruptcy, but in 1996 Marvel Studios was one of them says E! Online. The studio cut expenses (almost one-third of the staff), looked for new investors and went on to create several successful, money-making movies. Captain America made $370 million, Iron Man grossed over $500 million and the first Avengers movie made over $1.5 billion. Now that’s how you overcome bankruptcy.
Filing for bankruptcy is the end of something, but it’s not the end of everything. Actually it’s the beginning of something, your new financial life. These businesses overcame financial struggles and you will too. If you are considering filing for bankruptcy, you can get a free consultation with a local bankruptcy attorney in your area
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