Word: bankrupted
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Dates: during 1980-1989
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Like Schlitz, Pabst Brewing Co. has fallen on hard times. In 1959 the nearly bankrupt brewery decided to cut the price of Pabst Blue Ribbon to attract more customers. The strategy produced quick sales but eventually undermined Pabst's image. Between 1976 and 1981, sales of Pabst Blue Ribbon dropped from about 16 million bbl. to 9.6 million...
...loan-loss reserve of $474.6 million, or 1.3% of all loans. But the bank's megabuck borrowers include some of the most troubled credit risks in all of corporate America, Among the loans: $140 million to International Harvester, the deeply troubled Chicago farm-equipment manufacturer; $16 million to bankrupt Braniff Airways of Dallas; $57 million to Wickes Companies, Inc., a now bankrupt seller of lumber and furniture; $200 million to subsidiaries of Dome Petroleum, the struggling Canadian oil firm; and $80 million to American Invsco, a wavering condominium developer...
...company for title to Atlanta's Channel 17, a sorry UHF television station that was losing $600,000 a year. Many viewers around the country did not pick up UHF signals then; indeed, two years after Turner made his buy, Atlanta's other UHF station went bankrupt...
...down advertising revenues, Turner has abandoned his projection that CNN can make a profit this year. Turner's troubles have led many industry observers to predict that within the next year or two he will have to sell or take in a partner, or else see CNN go bankrupt (the total value of his holdings: $250 million to $300 million, says a top-rank video executive). Turner's financing includes $50 million in loans at steep interest from Citicorp and Manufacturers Hanover Trust. In borrowing from them, he estimated losses of $32 million from CNN's start...
...early 1970s, for example, American banks invested more than $11 billion in real estate investment trusts that soon slumped along with the economy. Many banks in the 1970s also delved into international currency speculation. Such perilous betting eventually helped bankrupt Franklin National Bank...