According to CNN, a company called 24/7 Wall Street says 10 corporations won’t be around this time next year - or will be radically different:
Chrysler
Sirius XM
AIG
Fannie Mae
Rite Aid
NY Times
Nortel
Pier 1
Charter Communications
Hovnanian
I pass it along hoping you all will give reason for hope - at least for the NYTimes, Rite Aid and, perhaps, my cable company.
I went to http://www.247wallst.com/ and found nothing like this.
Well, Fannie Mae and AIG have already essentially died. They’re currently kind of zombies propped up by the gov’t. It’s probably safe to assume the gov’t will do some sort of reordering of their structure or operations.
Chrysler is privately owned. Much depends on what Cerberus decides to do. GM will IMWAG burn through all the bailout money very quickly and of course will not reverse its slide. Whether the government gives them more money is a different question.
Hovanian, or some homebuilder, almost has to go bust. They are all burning through capital and selling homes, in many cases, at a loss, if at all.
NY Times? I’d bet on Gannett first.
Sirius XM? There was an article this past weekend (http://www.nytimes.com/2008/12/28/business/media/28radio.html?_r=1&scp=2&sq=sirius&st=cse) that boded ill. The problem? Way too much debt, way too little openings to refinance it.
I can’t believe Nortel’s still an independent company; I expected them to be eaten by someone like Cisco ages ago.
My Corporate death pool is primarily business I’m familiar with, aimed at the lower-middle class:
Books A Million
Suncoast
KayBee Toys
Captain D’s
Ruby Tuesday
Blockbuster/Movie Gallery
Merrill Lynch became Bank of America today. Well, the branding may remain for a while, but the company ceased to exist as a separate entity.
It seems inconceivable that Charter Communications is on the original list.
They have a lock wherever they go don’t they? No competition in my area except the Dish or whatever it is. And that’s not much around here.
KayBee is already in bankruptcy and is now liquidating stores.
I’d think that a lot more small retailers, hanging on until Christmas in hope of a miracle, should be on the list.