The salaried persons, working in banks, public and private organizations think that starting a business is very easy and it just required a handful amount to invest and start the business running. They forget the other factors which are also considered necessary for a business like the time and effort to keep the business running for a longer time. Various reports have been published by different organizations that the current state of business around the world is not stable and a handful investment is required to start any sort of business. It is because the nature of doing business has changed in the US and elsewhere in the world. The time when an entrepreneur used to start a business and it used to become huge success within a year or two was the past. Now, in the current high-tech era, one should be ready to make huge investments continuously until the business becomes a success and the entrepreneur can sustain it. As per our research, we have been able to compile data of various firms and organizations that went bankrupt within 1 year of its establishment. We are sharing Top 5 Bankrupt Companies in this article for our readers.
One of the bankrupt companies include General Motors. At the time it got bankrupt, the company owned assets worth $82.3 billion. The company got bankrupt on June 1, 2009 as the company faced tough times during the same year. General Motors was in such severe crisis that it needed a bailout worth $40 billion from the US federal government because the administration of General Motors was thinking to revamp the company’s structure. Another company which was declared a defaulter was Pacific Electric and Gas. This company got bankrupt because it had to pay hundreds and thousands of dollars to victims of wildfires in California. The losses kept on increasing in 2019 and the company was declared a defaulter even though the company started to move out of this critical phase. Is this information interesting for the readers? Are you interested to learn more about other companies? We discussed only two companies in this article that went bankrupt. You can read about other companies in this article 15 Biggest Companies That Went Bankrupt on Yahoo.
