Only One Week Later, 24/7 Wall St's Disappearing Brands Begin To Disappear
Typically, 24/7 Wall St. waits a year – six months in the case of recessions – to report on how our predictions for which brands will disappear turned out. This year we’re reporting on how The Ten Brands That Will Disappear In 2012 performed one week after publication.
Last Wednesday, we said that American Apparel, Sears, Saab and MySpace were among the brands that would not be around in 2012. Our prognostications are already panning out.
One day after disappearing brands was published, Saab announced it could not meet June payroll. The same day, it was reported that American Apparel’s controversial CEO, Dov Charney, failed to show for the company’s annual meeting of shareholders. American Apparel later announced that it was replacing a third of its board. Also on Thursday, Sears announced it was spinning off Orchard Supply Hardware Stores because, according to the company, there are “financial, operational and managerial benefits to both.” Break ups of brands are sometimes what companies do when they face trouble.
And yesterday, exactly one week after we published our list of disappearing brands, MySpace was sold for $35 million. It has not been announced whether the new owner will retain the name.
As far as predictions go, 24/7 Wall St. is off to a good start.
– 24/7 Wall St.