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

Also-ran electronics retailer Tweeter will be closing all 94 of its remaining stores. The liquidation and shutterings come one year after the company went bankrupt with $165 million in debt. Chalk up another victory for Best Buy. Fire-sales at Tweeter stores have already begun.

Tweeter’s stock chart shows its wild ride to the bottom:

[Boston.com] Tweeter to shutter remaining stores

Slaughterhouse Agriprocessors Inc. has filed for bankruptcy with $50-$100 million in debt. The kosher company was forced into bankruptcy by its bank after it defaulted on a loan and lied about its cash. Naughty naughty.

Other Agriprocessors goodness: the company was raided last may and had 389 of its illegal immigrant workers dragged away in cuffs. For all you illegals who want to work for a lying, bankrupt animal-slaughter factory: they’re hiring!

[CFO.com] Slaughterhouse (Chapter) 11

The rumors were true, ethanol company VeraSun has filed for Chapter 11 bankruptcy. The company was unable to sell itself last September, but its likely the company’s $1.9 billion in debt scared away a few suitors.

Shoutout to the executive team: Donald “DJ Chief” Endres, Danny “Bo-yo” Herron, Bill “Heff” Honnef, Keith “Bruiser” Bruinsma.

Nice chart, guys:

[The Chicago Tribune] Ethanol producer VeraSun files for bankruptcy

Media recommendation service MatchMine will be shutting its doors effective immediately. Small wonder — the company burned through a jaw-dropping $10 million in one year. In a blog post appropriately titled Fin, the company’s CEO blames the “unprecedented financial times” and himself for the failure. One of these is accurate, one is not.

[TechCrunch] MatchMine Throws In The Towel

Discount department store chain Value City has filed for Chapter 11 with liabilities of between $100 and $500 million. The company currently employees 4,500 and operates 66 stores. A company flack said that decisions on store closings will be made in the next few weeks. Expect heads to roll.

[Dayton Business Journal] Value City files for bankruptcy

The Houston Business Journal is running with the rumor that the country’s largest housewares retailer, Linens ‘n Things, has been unable to find anyone interested in purchasing the company so it might liquidate before the end of the year. The company operated nearly 600 stores when it declared bankruptcy in May.

Houston Business Journal: Report: Linens ‘n Things to liquidate

Petters Group Worldwide has filed for Chapter 11 bankruptcy after its founder, Tom Petters, was charge with $3 billion bucks worth of fraud. This much-expected filing comes just a week after the Petters-owned Sun Country airlines filed for bankruptcy. ‘Da group has amassed a total debt between $500 million and $1 bil.

Minneapolis Business Journal: Petters Co. Inc., Petters Group Worldwide file Chap. 11

No-name airline Sun Country has filed for Chapter 11 bankruptcy. The airline’s problems didn’t come about due to the weak economy or fuel prices — Sun Country went under because its founder and CEO, Thomas Petters, was arrested by the FBI for defrauding investors to the tune of $2 billion. Well at least there is a clear-cut person to blame here.

Further reading: MyDesert.com

Commercial real-estate lender Ciena Capital has become the latest financial implosion. The company’s bankruptcy filing lists between $100 million to $500 million in debt and around 700 creditors.

I had to share this graphic that can be found on their website because it’s just too perfect:

Gotta go with diaster…

Bill Heard Chevrolet has filed for bankruptcy with outstanding debts between $500 million and $1 billion. Before closing all dealerships, the company had a burn rate of nearly $5 million every month.