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

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

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

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

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

Their stock chart speaks for itself:

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

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:

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

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

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

[Idaho Business Review] MPC decline leads to bankruptcy

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

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

Bon voyage, you bad gamblers

[MarketWatch] Security Pacific Bank seized by FDIC

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