66-year-old appliance company files for Chapter 11 bankruptcy

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Technological advancement successful industries has led to the demise of companies and full concern sectors passim history.

A classical illustration of the illness of an manufacture caused by technological advancement was the decease of the video retail assemblage arsenic video streaming services took clasp successful the mid-2000s.

The popularity of location video systems and VHS tapes successful the 1980s led to a proliferation of video rental stores and the motorboat of Blockbuster Video successful 1985 and its apical rival Hollywood Video successful 1988.

By the mid-2000s, DVDs had overtaken the VHS format conscionable arsenic video streaming was developing. By 2010, arsenic streaming began to grow and the terms of DVDs was plummeting, video retail stores faced fiscal distress.

Hollywood Video’s genitor Movie Gallery successful February 2010 filed for Chapter 11 bankruptcy and 2 months aboriginal converted to Chapter 7 and liquidated.

Blockbuster followed adjacent down Hollywood and filed for Chapter 11 successful September 2010 with astir $1 cardinal successful indebtedness and closed each of its stores successful August 2014.

Movie Gallery converts to Chapter 7 liquidation successful April 2010 and closes.
Blockbuster Video files Chapter 11 bankruptcy successful September 2010 and closes successful August 2014.
Redbox Video's parent, Chicken Soup for the Soul Entertainment, converts to Chapter 7 bankruptcy and liquidates successful July 2024.

The last nail successful the coffin for the video rental manufacture was Redbox Video's genitor Chicken Soup for the Soul Entertainment’s conversion of its Chapter 11 lawsuit to Chapter 7 liquidation connected July 10, 2024.

Another concern sector, the refrigeration appliance industry, besides faced a technological alteration that has led to the demise of a large company.

<em>RV refrigerator institution Norcold filed for Chapter 11 bankruptcy liquidation to merchantability its assets.</em>Shutterstock

Former recreational conveyance refrigerator shaper Norcold LLC filed for Chapter 11 bankruptcy with a program of liquidation to merchantability its assets to its debtor-in-possession financing lender, past liquidate and upwind down its business.

The Ann Arbor, Mich.-based debtor filed its petition successful the U.S. Bankruptcy Court for the District of Delaware connected Nov. 3, listing $10 cardinal to $50 cardinal successful assets and $100 cardinal to $500 cardinal successful liabilities.

The debtor's largest unsecured creditors see Dellware Electrical Appliance Co., owed implicit $1.02 million, ZenCargo Freight, owed implicit $341,000, and Longoal Tech LLC, owed implicit $150,000.