Famous Companies That Almost Went Bankrupt

Apple lost $1.04 billion in fiscal 1997, and Steve Jobs later said the company was about 90 days from insolvency when he returned. He cut the product line to four computers, struck a deal under which Microsoft bought $150 million of Apple stock and promised to keep making Office for the Mac, and launched the iMac in 1998. Apple made a $309 million profit that year. In fiscal 2025 its revenue was a record $416 billion.

Read the full story: Apple in 1997: About 90 Days From Running Out of Cash

After years of spreading into theme parks, clothing and video games, Lego posted a net loss of DKK 1.93 billion in 2004. Its owner put in DKK 800 million of his own money and handed control to Jørgen Vig Knudstorp. Lego sold its four Legoland parks, refocused on its core toys and later cut its range of different pieces from more than 12,000 to about 7,000. It was back in profit in 2005. In 2025 it reported record revenue of DKK 83.5 billion.

Read the full story: How Lego Nearly Went Bankrupt, and Came Back

Marvel borrowed heavily during the comics boom of the early 1990s and filed for Chapter 11 bankruptcy on December 27, 1996, after the boom collapsed. It came out in 1998 by merging with the toy maker Toy Biz. In 2005 it borrowed $525 million to make its own films, pledging the film rights to ten of its characters as collateral. The first was Iron Man, in 2008. Disney bought Marvel for about $4 billion in 2009.

Read the full story: Marvel Went Bankrupt in 1996. Disney Paid $4 Billion in 2009.

Federal Express lost $29 million in its first 26 months. In 1973, with a crucial loan refused, Fred Smith took the company’s last $5,000 to Las Vegas and won $27,000 at blackjack, by his colleague Roger Frock’s account. That bought about a week. New investment, a first profit in 1976 and the deregulation of air cargo in 1977 did the rest. FedEx reported revenue of $94.7 billion in fiscal 2026.

Read the full story: Fred Smith's $27,000 Blackjack Win That Kept FedEx Flying

Blue Ribbon Sports, the company that became Nike, grew so fast that it was always short of cash. In 1975 one late payment left it about $75,000 short, checks bounced, and Bank of California froze its accounts and contacted the FBI. Its Japanese trading partner, Nissho Iwai, paid off the bank. Nike went public in 1980 and reported revenue of $46.4 billion in fiscal 2026.

Read the full story: Nike Was Always Broke: The Blue Ribbon Sports Years

Crocs raised $208 million in 2006 in what was then the largest IPO by a footwear company, and sold 46.9 million pairs in 2007. In 2008 sales fell, its warehouses filled with unsold shoes and it lost $185.1 million. Its shares fell as low as 79 cents. It shrank, closed its own factories and later rode a fashion comeback. In 2025 its revenue was $4.04 billion.

Read the full story: How Crocs Nearly Went Broke in 2008

Henry Ford’s third car company was incorporated in June 1903 with $28,000 in cash from twelve investors. Within weeks most of it had been spent, and on July 10 the bank balance was $223.65. Five days later a Chicago dentist paid $850 for the first car, more orders followed, and by October the company was in profit. In 2025 Ford reported record revenue of $187.3 billion.

Read the full story: Henry Ford Failed Twice Before Ford Motor Company

In 2008 Airbnb’s founders were deep in credit card debt, and seven investors had turned down a chance to buy 10% of the company for $150,000. To keep going, they sold election-themed cereal, Obama O’s and Cap’n McCain’s, at $40 a box and raised about $30,000. The stunt helped win them a place in Y Combinator in 2009. At the end of its first day on the Nasdaq in 2020, Airbnb was worth about $86.5 billion.

Read the full story: The $30,000 of Cereal That Kept Airbnb Alive

In 1981 thirteen executives bought Harley-Davidson from AMF for about $80 million, mostly with borrowed money. In 1985 their main lender, Citicorp, told them to find another. The executives set a midnight deadline on New Year’s Eve, with bankruptcy papers ready, and at about 11 p.m. word came that Heller Financial had come through. By 1989 Harley had won back nearly half of the US heavyweight motorcycle market.

Read the full story: Harley-Davidson Was Saved With an Hour to Spare on New Year's Eve 1985

Kodak engineer Steven Sasson built the first digital camera in 1975, but Kodak earned most of its money from film and treated digital as a sideline. When photography moved to digital cameras and then to phones, the film business collapsed. Kodak filed for Chapter 11 on January 19, 2012, with $6.75 billion of debts. It survives as a much smaller company, with revenue of $1.07 billion in 2025.

Read the full story: Kodak Invented the Digital Camera, Then Went Bankrupt

In 2000 Blockbuster turned down the chance to buy Netflix for $50 million. It fought back later with its own mail service and in-store swaps, but it carried heavy debt, and after a boardroom fight it changed course. Blockbuster filed for bankruptcy in September 2010. By 2023 just one store was left, in Bend, Oregon.

Read the full story: Blockbuster Could Have Bought Netflix for $50 Million