Iconic camera company Polaroid has filed for Chapter 11 bankruptcy for the second time in seven years. The company has blamed its parent company, the Petters Group, which filed for bankruptcy a few months ago because of an alleged $2 billion worth of fraud perpetuated by its founder and namesake.

Last February, Polaroid drastically changed its business model by shuttering its film operations to focus on digital photography and printing. The company plans to continue normal operations while under court supervision, and will also be launching new products in 2009.

[Bloomberg] Polaroid in Bankruptcy Again, Cites Petters Charges

Oil exploration company CDX Gas has filed for bankruptcy with between $500 million and $1 billion in debts. On their homepage, the company brags about its “unconventional gas exploration” which is apparently too unconventional to make any money. CDX plans to continue “normal operations” while it reorganizes under court-supervision — more red ink will be needed.

Shoutout to the executive team: Bob “McDied” McBride, Ed “Red” Donahue, Mike “Gassy” McCown, Dave “Mine-Her” Minor.

[Reuters] CDX Gas LLC files for Chapter 11 bankruptcy
[CDX] Executive Team

The opening salvo of a bad holiday shopping season has claimed retail chain KB Toys. The company filed for Chapter 11 bankruptcy with $500 million in debts and has immediately shuttered half of its 1,200 stores. While KB has struggled for years, it said that a “sudden drop” in sales from the past two months precipitated the downfall.

The company will begin liquidating its inventory and trying to sell its wholesale business under court supervision. Have at it, bargain hunters.

[DealBook] KB Toys Succumbs to Holiday Slump

[Bloomberg] KB Toys Files Bankruptcy With Plan to Close Stores

Advantage Rent A Car has filed for Chapter 11 bankruptcy protection so that the company can restructure its also-ran business. Advantage will also lay off 440 employees immediately as part of its cost-cutting.

A company flack had this to say:

“The current economic environment has dramatically affected the travel industry. We have been hit with a simultaneous drop in leisure travel, with greatly increased costs and frozen credit markets. These factors are affecting many industries and companies and we are not immune from these forces. These painful steps are a recognition of that reality.”

Pretty long-winded way of saying that nobody wants to rent cars right now.

[Houston Biz Journal] Advantage files for Chapter 11, lays off 440 workers

The Tribune Company — owner of the Los Angeles Times, Baltimore Sun, Chicago Tribune and other perpetually-fucked newspapers — could file has now filed for bankruptcy. The company’s cashflow has been weakened by slowing newspaper sales and the advertising recession, and they are now at risk of falling below the cash reserves stipulated by company bonds.

Tribune’s newspapers will continue to publish during the bankruptcy as the company tries to sell assets and negotiate with creditors. The company has been trying to sell the Chicago Cubs baseball team, but has been hurt by frozen credit markets.

Update: Here’s the memo from Sam Zell telling employees about the bankruptcy.

Video Bonus: here’s a video of Tribune’s owner, Sam Zell, saying ‘fuck you’ to one of his journalists:

[Breitbart] Tribune files for bankruptcy protection

[IHT] Tribune Co., in debt, could be flirting with bankruptcy

For the second time in two years, Bally Total Fitness has filed for Chapter 11 bankruptcy with an unfit $1.5 billion in debts. The company hopes to sell itself under the supervision of the courts. Basically, Bally is acting like the fat kid who cries to the gym teacher because he sucks at basketball.

[Bloomberg] Bally Files Bankruptcy for Second Time in 14 Months

Just after word leaked that they would lose $800 million in the fourth quarter, poultry company Pilgrim’s Pride has filed for Chapter 11 bankruptcy. The move was months in the making (and one that we’ve been predicting for quite awhile. Normally we would make more snarky remarks, but after months of relentless mockery we just feel bad for this slaughtered company.

Their stock chart speaks for itself:

[MarketWatch] Pilgrim’s Pride Corporation Files Voluntary Chapter 11 Petitions to Address Short-Term Operational and Liquidity Challenges

Title underwriter LandAmerica Financial Group has filed for bankruptcy with $2.8 billion in debts. The company has pointed the finger at Fidelity for pulling out of a $126 million takeover offer. Shares of the company — which peaked last year at $106 — are currently trading around 90 cents.

In a statement, LandAmerica’s CEO, Theodore Chandler had this to say:

“This coordinated Chapter 11 filing and Nebraska rehabilitation action offers our stakeholders the best result available in this brutal real estate, credit and capital market environment.”

Somehow I imagine that “stakeholders” don’t feel that this is the “best result available…”

LandAmerica landslide:

Jet-maker Eclipse has filed for Chapter 11 bankruptcy with $1 billion in debts. The company will continue to operate as it goes through court-administered restructuring, and their 945 employees “should see no major changes.”

The problem with the company according to the CFO Mark Borseth was that “Eclipse continued to lose larger than expected sums of money on each aircraft manufactured.” It’s never a good plan to lose money on your products…

[CNN] Eclipse Aviation files for bankruptcy protection

Tabletop giftware and collectible maker (?) Lenox Group has filed for Chapter 11 bankruptcy protection. The company hopes to continue operating while in bankruptcy and is desperately trying to sell itself.

Lenox’s CEO issued this statement to reassure the company’s partners:

“We want to assure our employees, customers, vendors and communities that Lenox is conducting business as usual.”

Something tells me you want to do a bit better than “business as usual…”

[Gifts & Accessories] Lenox Files for Bankruptcy

MPC Computers (formerly MicronPC) has filed for Chapter 11 bankruptcy, and has been delisted from the NYSE. The company struggled since buying Gateway’s Professional Services Unit, which declined in sales as soon as MPC took over. After several tough quarterly losses, its suppliers began to get antsy and cut the company’s credit rating. When a crucial supplier notified MPC that it was discontinuing service because of its inability to pay up, there was no alternative but bankruptcy left.

Executive shout-outs: John “I.P.” Yeros, Curtis “No Pay” Akey, Jeff “Drill-whore” Fillmore

[Idaho Business Review] MPC decline leads to bankruptcy

Scrapbook-maker Antioch Co. has filed for bankruptcy with between $50- $100 million in debt to thousands of creditors. I wonder if they’ll add this to their creepy company history page…

Shoutout to the executive team: Lee “Mornin’ Glory” Morgan, Barry “Breezy” Hoskins, Linda “Bendah” Smith, Tony “Flex Her” Trexler, Sy “Sysadmin” Montgomery.

[Biz Journal] Antioch Co. files for Chapter 11

Circuit Shitty City has filed for Chapter 11 bankruptcy with $2.3 billion in debt. The failing electronics retailer will continue operations throughout the holiday season, but will be laying off 700 more employees at its corporate headquarters. The bankruptcy comes just a few days after the company announced that the company would be closing 1/5 of its stores.

The move doesn’t come as much of a surprise — Circuit City has only had one profitable quarter over the last year and has seen its customer base dry up. Chief financial officer Bruce Besanko cited three reasons for the filing: 1. erosion of supplier confidence, 2. decreased liquidity, and everyone’s favorite #3 — the global economic crisis.

Shoutout to the executive team: Bruce “Chartin’ It” Besanko, Reginald “Doctah Drop” Hedgebeth, Eric “Weigh-Liota” Jones, James “Jimmy-Poo” Marcum, John “Down Jones” Harlow.

[Yahoo Finance] Circuit City files for bankruptcy protection

The busy feds at the FDIC have just seized their 19th bank for the year: Los Angeles based Security Pacific Bank. The minnow only had total deposits of $450.1 million and 4 branches; all be taken over by Pacific Western Bank.

Bon voyage, you bad gamblers

[MarketWatch] Security Pacific Bank seized by FDIC

The FDIC has taken over Texas-based Franklin Bank and given its $3.7 billion in deposits to Prosperity Bank. The 46 branch offices of Franklin will also be turned over to Prosperity.

Franklin was founded by the hero of Michael Lewis’ Liar’s Poker, Lew Ranieri. In the eighties Ranieri was the Salmon Brothers rabbi who was the driving force in the invention of the mortgage security. After making billions of dollars in mortgages, he was out-politicked and ousted from the office of the vice chairman at the investment bank. His departure from Salmon was bloody, Franklin’s departure from the banking world was the same.

[Bloomberg] Ranieri Becomes Victim of Crisis as Franklin Seized