One of the signs of recessions is the increase in the number of international and large companies that decided to close or to go out of business. Most of the managements of these companies stopped the business operations to save the remaining profits. To have ideas which international enterprises have filed bankruptcy, featured below is a list of companies going out of business in the past years.
Shabby Chic is an international manufacturer of home furnishings. Most of the products offered by the company are antiques. It also manufactured beddings and curtains. The firm filed Chapter 11 on January 29, 2009. The company started the liquidation of the finances of some of its branches in America.
Chernin Shoe Outlet
This firm filed for protection of bankruptcy on February 2, 2009. The retailer of footwear experienced financial problems in the past seven years. In order to get money, the company decided to sell the assets of the firm valued between $ 500 to $ 1 million. The total amount of assets listed by the firm before it decided to go out of business is $ 18 million, while the debts posted by the firm amounts to $ 29 million.
Bruno's and Food World
Bruno's and Food World is a grocery store that has several chains or branches in the different states of America. The firm filed bankruptcy on February 5, 2009. The owners of the store signed sold the company to Southern Family on April 30, 2009.
Ritz Camera Centers
Ritz Camera Centers Inc. decided to go out of business on February 20, 2009. The company started the liquidation process on March 20, 2009. Some of the popular products offered by the firm are digital cameras and digital photo frames. According to the top management of the firm, one of the factors that exceeded the company's performance is the recession in America in 2008.
This fast food restaurant offers burgers, shakes and French fries. Its top management decided to file protection for bankruptcy on April 10, 2009. Based on reports released by the firm, the bankruptcy or the closure of the restaurant was caused by the recession in America in 2008.
Home Décor Products
Home Décor Products decided to stop the business operations on March 30, 2009. This home improvement shop is known for offering faucets, power tools, swimming pool supplies and barbecue grills that are made from high quality materials. The decline in the performance of the company in the early 2000s led to its closure.