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Showing posts from 2013

Reader’s Digest magazine, filed for bankruptcy

RDA Holding Co., publisher of the 91-year-old Reader’s Digest magazine, filed for bankruptcy to cut $465 million in debt . The company recently sought court protection from creditors. Reader’s Digest, founded by DeWitt and Lila Wallace, went public in 1990. An investor group led by private-equity firm Ripplewood Holdings LLC bought it in 2007 for $1.6 billion and the assumption of about $800 million in debt.More recent other companies  Hostess Brands Inc., maker of Twinkies and Wonder BreadEastman Kodak Co., inventor of Kodachrome and the Instamatic camera have also been in trouble in these tough times.The company had  filed for bankruptcy for the first time in August 2009 due to a  a drop in advertising.RDA Holding Co. listed assets and debt of more than $1 billion each in Chapter 11 documents filed Feb. 17 in U.S. Bankruptcy Court in White Plains, New York.US bankruptcy courtsMost cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapt…

Independent phone retailer crazy John’s to close down

One of Australia's most successful  entrepreneur ( John Ilhan'sbusiness story  “ crazy Johns”  has just been dumped by VODAFONE Australia Vodafone is supposed to  close the book on one of the nation's most successful tales of entrepreneurship  “crazy Johns”   who  built up one of the successful independent phone dealers in competition with giants like Telstra , Optus and VodafoneThe Crazy John’s brand was a successful business when Ms Ilhan sold it to Vodafone five years ago for $150 million.
Vodafone has plans to dump the Crazy John's brand from its stores and rebrand them under its own name.As many as 40 Crazy John's stores are expected to close by February 20, and the other 21 will be rebranded as Vodafone Australia stores.John Ilhan's, who died of a heart attack in 2007, had built the company in the space of 15 years into Australia's second-largest independent mobile phone retail chainUp to 300 jobs are said to be at risk nationwide and Vodafone last …