![]() ![]() In 1958, Ford’s newest vehicle, launched on “E-Day,” flailed, flopped, and imploded. Ironically, the very same shrine that so many skinny-jean hipsters and adrenaline-fueled punks would come to mourn was originally started by Hilly Kristal as a venue for his favorite music: “Country, Blue Grass and Blues.” Patti Smith gave the historic club an emotional, if punk, goodbye by tearing the stage and room apart. It was shuttered to make way for a high-end men’s fashion store. In 2006, after 33 years of offering up legends like the Talking Heads, Blondie, Misfits and the stalwart Ramones, CBGB, the most famous underground alt-rock/punk club in the world, closed its doors. Buti, already accused of defrauding investors, was arrested in 2000 and charged with wire fraud, conspiracy, money laundering, and transportation of stolen property. He over-franchised the cafes, was accused of mismanagement, then followed Christy Turlington in selling his stake in the company. Famed restaurateur Tommaso Buti was the “brains” behind the operation. “The $20 Salad Extraordinaire,” created exclusively for Naomi Campbell, reportedly consisted of a glass of champagne, a pack of Newports and two slices of tomato accompanied by an iceberg leaf. Want some Newports with that iceberg lettuce?Ī restaurant that serves gargantuan burgers and fried appetizers founded by a bunch of supermodels and fey fashionistas didn’t work? Hmm, I wonder why. Others, like Pan Am and Woolworth’s, just tug at our heartstrings.Ĭheck out the 25 worst business failures in history below: Some of the companies listed below, like Enron and DeLorean, exemplify this cataclysmic appeal. A few of them, however, start up with the verve of a cannonball, only to crash with equal fanfare. ![]() Most of these business start and end in obscurity. ![]() It is said that up to 50% of businesses fail within five years of inception. ![]()
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