Former bookstore giant Borders fails to modernise and ends up going bankrupt

Former bookstore giant Borders fails to modernise and ends up going bankrupt

  Borders Group, Inc. was an international book and music retailer that was based in Ann Arbor, Michigan.   In its final year of trading the company employed nearly 20,000 people throughout the U.S. In February 2011 the company applied for Chapter 11 bankruptcy protection and began liquidating 226 of its stores in the United…

Business Blunders , , , ,

Ford Edsel – the most catastrophic failure in automotive history

Ford Edsel – the most catastrophic failure in automotive history

  The Ford Edsel is widely known to be the biggest failure in the history of the car industry.   After initially forecasting trade figures of over 200,000 units per year, everything soon went catastrophically wrong for the previously untouchable car manufacturer. The Edsel arrived back in 1957 after arguably the most elaborate pre-release marketing…

Business Blunders , , ,

JC Penney abandons holding regular sales and in turn alienates its customers

JC Penney abandons holding regular sales and in turn alienates its customers

  Former Apple executive Ron Johnson became CEO of US department store JC Penney back in 2011.  The company’s demise since then has been characterised by ongoing sluggish sales growth and store closings that have made the company a shadow of its once great self.   JC Penney’s demise began when they changed the company’s…

Business Blunders , , ,

Alitalia accidentally puts $3900 tickets up for sale at $39

Alitalia accidentally puts $3900 tickets up for sale at $39

  They say that the devil is in the detail and few companies have been made more aware of this in recent times than Alitalia.   A pricing error was made by the beleaguered airline back in 2006 when an advertisement allegedly wasn’t correctly proofread. The unfortunate result was that they ended up offering return…

Business Blunders , , ,

Bank of America loses over $50 billion in, ‘the worst deal in American finance history’

Bank of America loses over $50 billion in, ‘the worst deal in American finance history’

  Bank of America’s mortgage business lost over $50 billion since the purchase of Countrywide Financial for $2.5 billion back in 2008.   The then Bank of America CEO Ken Lewis said it was a rare chance to become No. 1 in the home loans marketplace. Instead the bank’s shareholders have spent the majority of…

Business Blunders , , ,

ABC passes up the opportunity to broadcast The Cosby Show

ABC passes up the opportunity to broadcast The Cosby Show

  The Cosby Show aired for eight seasons on NBC from September 20, 1984 until April 30, 1992. The show focuses on the exploits of the Huxtable family, a well-to-do African-American family living in Brooklyn, New York.   The show was TV’s biggest hit in the 1980s and it single-handedly revived the sitcom genre and…

Business Blunders , , , , ,

Time Warner AOL merger results in, ‘the greatest ever mistake in corporate history.’

Time Warner AOL merger results in, ‘the greatest ever mistake in corporate history.’

  Back at the turn of the millennium, AOL purchased entertainment giant Time Warner for $164 billion. The deal was announced on January 10, 2000 and it employed a structure that brought the two original companies together and merged them into a newly created entity. Due to the larger market capitalization of AOL, its shareholders…

Business Blunders , ,

NBC and CBS pass on the opportunity to broadcast Monday Night Football in the US

NBC and CBS pass on the opportunity to broadcast Monday Night Football in the US

  Monday Night Football featuring NFL games is the longest running and most popular prime time sport programme in television history. The broadcast is also a fundamental part of popular culture in the US as tens of millions of Americans tune in religiously every week to view the latest developments in the world of Gridiron….

Business Blunders , , , ,

Decca Records turn down The Beatles who go on to become the greatest band in history

Decca Records turn down The Beatles who go on to become the greatest band in history

  The Beatles auditioned for Decca Records on New Year’s Day back in 1962. It was a fateful day for a certain Dick Rowe who was the then head of A&R at the record company. His insistence that The Beatles had no future in the entertainment industry sealed his unenviable reputation forever as the man…

Business Blunders , , , ,

Coca-Cola changes its flavour and introduces New Coke in 1985

Coca-Cola changes its flavour and introduces New Coke in 1985

  Back in April 1985, Coca-Cola reformulated the taste of their iconic drink in an attempt to boost its then dwindling market share as customers flocked to buy the range of new diet soft drinks that had recently hit the market. Coca-Cola’s arch enemy Pepsi was also in ascendance as customers seemed to prefer the…

Business Blunders , , ,