Word: bankrupting
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Dates: during 1980-1989
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...discounters like People Express, the fastest-growing company in aviation history, to tiny Regent Air, which plies its passengers on flights from Los Angeles to Newark with caviar, lobster and French champagne. Not all of them have been profitable. Old and new carriers, including Braniff and Air Florida, went bankrupt by expanding routes too fast. Said Daryl Wyckoff, a professor of transportation at Harvard Business School: "The airlines were always ending up like my beagle, 15 blocks from home and panting...
Doctoroff is also factually incorrect on several points. The Renaissance Center did not go bankrupt as was reported; it was sold. There are several movie theaters in Detroit contrary to Doctoroff's statements, and the Fox theater is currently housing a local theater group, not showing triple-X-rated films as the author incorrectly assumed. These misrepresentations placed before the general public are examples of irresponsible journalism at best...
...abandoned after dark, without elegant restaurants or high society. Most of the shops are boarded up; the Renaissance Center has gone bankrupt. There are virtually no movie theaters here. Oh, there's the old Fox Theatre, with its cavernous, yet ornately designed interior, but it's gone triple-X-rated...
...they also often find shady accounting in companies where top managers have set goals that are unrealistically high. Says L. Glenn Perry, former chief accountant for the SEC's enforcement division: "The two primary reasons for book cooking are ego and greed." Perry says that at now bankrupt A.M. International, the office-equipment firm, some employees who failed to meet management's targets resorted to dubious bookkeeping to avoid being fired...
...Florida's seven Boeing 737 jets and to hire about 235 of the airline's 1,200 employees. The aircraft will fly under the name Midway Express to help rekindle confidence among Air Florida customers, hundreds of whom were left with worthless tickets when the carrier went bankrupt. Midway Express will offer inexpensive, low-frills flights instead of Midway's regular service, which is aimed at business travelers. The acquisition, expected to cost Midway about $7 million, will allow the carrier to expand into Florida and take over the Caribbean routes that Air Florida served. Provided...