5 Big Companies That Went Bankrupt in the Millennium Era

5 Big Companies That Went Bankrupt in the Millennium Era – Although they have experienced many years of glory both in Indonesia and the world, but large companies that went bankrupt in the millennium era proved that not forever fame makes them survive.

Various kinds of problems can also arise because of it both from external and internal factors that make them go out of business in this sophisticated modern era.

Although it was successful, the big companies that went bankrupt in the millennium era are proof that the sweetness of life is not always above the following:

5 Big Companies That Went Bankrupt in the Millennium Era

1. Lehman brothers

Too big to fall or better known as too big to fail seems quite appropriate to describe the condition of Lehman Brothers.

One of the largest banks in the United States is called the most stable bank and will not go bankrupt in its heyday and it is supported by statements from various parties.

The assets it owns alone can be around 640 billion dollars and the age of the bank itself has reached the age of 158 years, so it is absolutely impossible if the bank will go bankrupt.

However, it was unexpected that Lehman Brothers could fall into bankruptcy caused by the worsening condition of housing loans in the US as well as internal factors that stated that there were allegations of manipulation of financial statements.

The collapse of this bank has a shock as well as a bad impact on the economic order in the world as well as directly triggering a global economic crisis.

2. Kodak

If you were born in the 90s, then this famous camera brand will definitely be remembered by you. Yes, this is kodak which is also spread throughout Indonesia and even the world.

Especially in Indonesia, the remains of kodak can be found in old-school photo studios or kiosks that offer services for photo printing and often kodak's name is clearly displayed in front of their stores.

Kodak is said to have failed because he was unable to start an era of change, especially since technological developments have become more advanced.

The company was built in 1888 by a man named George Eastman and was very famous from the 1980s to the 90s.

However, signs of the collapse of kodak dominance began to be seen when kodak management announced a 73 percent decline in profit in 1983 in the first quarter.

The reason why Kodak failed to compete was because there were more and more digital camera products emerging, which made Kodak slowly abandoned even though in 1975, Kodak wanted to make digital camera technology but it was not realized for fear of killing the roll film business if digital products appeared.

And in 2009, kodak officially announced the termination of the production process of the roll film that he had made for 74 years.

3. MGM

If you are a fan of Hollywood-produced or American-made fils, then before the movie plays, surely you often see the roaring lion icon belonging to the official MGM.

Indeed, it is known that this company is the largest film studio in Hollywood.

Even in its heyday, MGM had produced a variety of famous films as well as existing in the entertainment universe.

In fact, not a few famous and legendary actors come from this production such as Buster keaton, Greta Garbo, and Clark gable. The decline in DVD sales while being in debt of up to about 3.7 billion dollars is the reason MGM filed for bankruptcy or bankruptcy.

The film company, which was once the number one, finally had to sell all the assets it owned, including the James Bond franchise and also the two-part series of The Hobbit which were successful in the market.

4. Marvel Entertainment

For those of you american superhero fans, then the name Marvel is familiar to your ears. But here, it is not the time to debate which superhero is better, whether DC or Marvel, but the bankruptcy experienced by Marvel which is certainly not widely known by the public, especially in Indonesia.

Marvel was one of the giant companies for comic books for approximately twenty years.

A number of famous superhero names such as Captain America, X-Men, and Spider Man are produced by Marvel. But because of the financial crisis, Marvel had to go bankrupt in 1996.

5. Nokia

Nokia is a giant company that has been around for 16 years. In fact, for 14 years, Nokia has dominated the telecommunications industry, especially with its mobile phone products, all over the world.

Nokia has always won in the fight against other mobile phone companies. Unfortunately, Nokia's arrogance of Android capabilities eventually forced them to close its largest factory.

Nokia thinks that Android is like an ant that can be stepped on easily. This is because Nokia already knows and is able to make phones with the same technology as Android, but their arrogance has made them forget about innovation and the rapid changes of the times.

Android and Apple finally emerged and launched a smartphone industry that could finally shut down the Nokia industry. In fact, Nokia also made Smarpthone under the names Lumia and Asha.

But they could no longer compete until Microsoft successfully acquired Nokia and officially nokia's factory was also closed along with the agreement between Nokia and Microsoft. Nokia's own name can still be used for the next 10 years but not for the mobile phone or smartphone industry.

Those were the 5 big companies that went bankrupt. The lesson we can take is that innovation is needed as a strategy so that the business that is built does not end like the big companies that went bankrupt in the millennium era that has been mentioned.

Especially in modern times, people are more required to be able to think hard and create products that are in accordance with the times.

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