Fun Goes Bankrupt

The rapid descent of the American economy may be leveling off, but, in recent weeks, it seems each day brings the bankruptcy of another beloved franchise.

The Wall Street Journal reported today that Eddie Bauer, an outdoor clothing retailer, is filing for bankruptcy. The chain store reported a net loss of $44.5 million for its most recent quarter and a staggering $187.9 million in long-term debt.

Earlier in the week, Six Flags, the popular theme park franchise, filed for Chapter 11 also. However, this doesn't mean the roller coasters will screech to a halt. In fact, the park plans to show customers that it is better than ever.

"We're focusing on reassurance," said Mike Antinoro, exec VP-entertainment and marketing at Six Flags, according to Advertising Age. "We're not just 'open'; we have new attractions and rides in every single park, and longer hours and more operating days than ever before."

Other companies may not be so lucky. Extended Stay Hotels, the company that bills itself as the largest chain of mid-priced hotels in the country, filed for bankruptcy on Monday. And many companies are currently teetering on the brink of bankruptcy.

But on the bright side, some corporations really do make a successful comeback. The Associated Press reports that Chyrsler, which went bankrupt at the end of April, is preparing to restart operations at seven assembly plants by the end of June. And Reuters reports that Polaroid just signed its first licensing deal since being sold in a bankruptcy auction in April.