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Funko headquarters in Everett, Washington. Funko was founded in 1998 by toy collector Mike Becker at his home in Snohomish, Washington. [5] He started the business after failing to find an affordable coin bank of the Big Boy Restaurants mascot, instead licensing the rights to make his own coin banks from a Big Boy franchise in Michigan.
He filed for bankruptcy in 1997, claiming to owe $100,000 to the IRS and have $100,000 in debt with just $100 in cash, $31,000 in a pension fund, and royalty rights of $7,500.
Best Products – filed for bankruptcy for the second time in September 1996 [33] [34] and closed all of its stores by the following February [35] [36] Brendle's – became bankrupt and liquidated in 1996 [37] [38] Consumers Distributing – sought bankruptcy protection in 1996; Ellman's – acquired by Service Merchandise in 1985 [39] [40]
Egghead Software: An online software retailer, its shares surged in 1998 as investors bought up shares of Internet companies; by 2001, the company was bankrupt. eToys.com: An online toy retailer whose stock price hit a high of $84.35 per share in October 1999. In February 2001, it filed for bankruptcy with $247 million in debt.
Of course, filing for bankruptcy doesn’t necessarily mean a business is going bust. Companies tend to use the Chapter 11 process to wind down some operations, tackle mounting debt and save on ...
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The chain filed for its second bankruptcy and liquidation on August 7, 2019, [13] closing the remaining 54 stores [14] with plans to auction its intellectual property. [15] ALDO filed for bankruptcy on May 7, 2020, citing repercussions related to the COVID-19 pandemic as to why. [16] The shoe chain emerged from bankruptcy two years later. [17]
After 3 years, both banks were put into bankruptcy, a new nationalized bank was created and the assets of the two bankrupt banks and the bank accounts of local account holders were transferred to the new bank and the local depositors were made whole by stealing about $180 million of money belonging foreign depositors, who lost their entire savings.