- Image by Getty Images via @daylife
While there is still much debate over the current status of the economy, one thing is certain regardless of opinion or persuasion, the economic challenges faced in the previous years have affected a wide variety of industries and for a variety of reasons. Companies all over the country have been faced with the possibility of bankruptcy.
This list of ten, contains a variety of different industries. Some are obvious victims, representing luxury industries such as private jets, travel and entertainment. Companies like Las Vegas Sands and Hertz survive only when people can afford to spend money on travel, airfare, rental cars, hotels, dining out and gambling. On a related note, Textron sells private jets and, although these purchases represent a higher economic class than those that frequent the Las Vegas Sands, it draws a correlation that non-essential spending, including travel and entertainment, is down across all economic sectors. Macy’s is another fairly obvious example of a company that relies on want-based buying instead of needs-based purchasing and is struggling as a result.
Other impacted industries may not be as obvious as the travel and entertainment industries but are no less affected by the economic condition. CBS, for example, is one of the United States’ top three nationwide media networks and yet were in danger of bankruptcy in 2009. Likewise, Goodyear Tires and Sprint/Nextel found themselves in similar conditions and yet, the reason for these company’s challenges are not so blatantly obvious until the underlying finances are analyzed. And here, it seems, is the most common theme between the ten companies selected for this article – many of these companies are over-extended in debt. While bankruptcy laws may vary slightly from state to state, this recurring theme is the one that will continue to affect major corporations and private individuals alike.
