Most people contemplate filing for bankruptcy just to save face. But that shouldn’t be the case, especially if you’re already struggling. Filing for bankruptcy doesn’t mean that you’re a failure, it just means that you’ve hit a challenging situation like everyone else. Even the most famous brands in the US have once filed for bankruptcy. So don’t hesitate to hire a Baltimore bankruptcy lawyer if you need one.
Some businesses were already struggling before the pandemic happened, but the COVID-19 crisis just further pushed the business to file for bankruptcy. But don’t lose hope as this also happened to famous businesses such as Walmart, Walt Disney, Hershey’s, and more.
Famous Companies that Filed for Bankruptcy
Before becoming a well-known company, most of the companies that we are about to mention were struggling entrepreneurs. But despite failing the first time, they were allowed to try again which made them who they are today.
You may have failed today, but do remember that you always have the opportunity to try again. So hire that Baltimore bankruptcy attorney today and think about your next plan. Below are the famous companies that filed for bankruptcy:
- Walt Disney (The Walt Disney Company)
Before becoming a famous company around the world, Walt Disney was struggling like most entrepreneurs. In 1921, he started the Laugh-O-Gram Corporation with a $15,000 investment. Unfortunately, his investors pulled out leaving Walt with bills causing him to file for bankruptcy in 1923.
However, in October of the same year, he and his brother took another risk by founding Disney Brothers Cartoon Studio, which has now become what we know today as the Walt Disney Company.
- Milton Hershey
Milton Hershey was always interested in starting his own candy business. However, not only did he fail once but four times! It took him a while to become successful, but after his fifth attempt, he finally became one of the most famous candy companies in the world. Hershey’s Food Corporation now sells almost $5 billion of sweets in a year.
- Sam Walton (Walmart)
Sam Walton first started his career by managing another store called Ben Franklin. However, admiring Sam’s success, the building owner refused to renew the lease and took over Sam’s franchise which left him penniless. After filing for bankruptcy along with the help of his father-in-law, Sam got a fresh start and finally built the largest retail chain and company in the world.
This second chance not only benefited him and his family but also millions of people working for his company, which also makes him one of the largest employers in the world.
These are just a few known companies that failed more than once but got right back on their feet after trying again. Don’t let bankruptcy bring you down, in fact, make it an inspiration to try again as it provides you with a fresh start.
With the help of an experienced bankruptcy lawyer in Baltimore Maryland, such as Attorney Richard Hackerman, they’ll handle all the paperwork for you to make it easier to manage.