Posted on 12 June 2012.
The following is a list of major company shutdowns due to inappropriate behaviour and questionable actions. Raise your hand if you recognize one or two.
1. British Satellite Broadcasting
BSB (NOT the Backstreet Boys) was a British television program that provided broadcast satellite services in the United Kingdom. It was established in 1986, and by 1990, was broadcast on television. Its five channels were:
• The Movie Channel
• The Sports Channel
• The Power Station
But BSB were facing some troubles as competition was high, and prices grew dramatically for film rights. Sometime after its debut, BSB, along with another satellite company called Sky, was struggling while facing great deals of losses. In November 1990, it was announced that Sky and BSB would join forces to become one company. They would change their name to British Sky Broadcasting (BSkyB), but marketed as Sky. With the new set, more channels for viewers were established, but the new implementation did not seem to help at all as now there is no such company as British Satellite Broadcasting.
2. Drexel Burnham Lambert
DBL was a Wall Street Investment firm which made its debut in 1933. It was considered to be the most successful firm of its time, being the fifth largest investment bank in the United States. However, things changed when DBL went bankrupt. Not only that, but a former DBL executive, Dan Stone, had stated that the bank’s aggressive culture created much dismay employees’ behavior, leading them to make unethical and illegal decisions and put them into action. For two years, DBL denied any wrongdoing, but by 1990, the bank was no longer. Instead, a new investment company called New Street Capital, has taken into place. It is a small investment group that holds 20 employees, founded in 1992.
3. Café Feugo
Café Feugo was a Cuban restaurant established by the then boyfriend of Oscar Winning actress, Halle Berry, in 2006. His name is Gabriel Aubry,. Aubry opened the restaurant out of love for Cuban food, and got his ideas for the food to provide in the restaurant from making research from all around the world. Of the environment of the restaurant, Aubry said that it is has a cozy and inviting ambience. Café Feugo got rave reviews from customers, but closed only two years after its debut.
4. Aloha Airlines
Aloha Airlines was a well established company that opened its run in 1946. It took passengers through the Hawaiian Islands, and was known as “The People Airline.” Unfortunately, the big success of Aloha Airlines was cut short due to bankruptcy. Rising costs and economic retractions in Japan, as well as the emergence of go! Airlines, proved to be difficult for Aloha. Their last flight took place on March 31, 2008. Those who were recurring customers of Aloha were sad and angry of the move. One passenger said: “[Aloha's closing] is really sad for me. I always fly Aloha…it sounds a little strange, but I feel like they’re part of my family and now they’re gone just like that.”
5. Music Zone
Music Zone was a music retailer company in the United Kingdom, formed in 1984 by Russ Grainger. It was one of the most successful music companies, being the third largest ever. But 2007 proved to be a difficult year for Music Zone. Being the most successful does not mean the company will survive. Despite the much hard work and initiative from business management, Accountancy firm Deloitte was appointed administrator after the firm failed to find a new buyer. Music Zone saw a layoff of 1,100 employees when it shut down.