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“Another one bites the dust” is becoming more than a theme song for a historical rock band.
It is fast becoming the theme song for brands we grew up with that are steadily becoming obsolete! Reader’s Digest, a 91-year-old magazine has filed for bankruptcy for the second time inside of five years. Their goal is to cut $465 million in debt and focus on North American operations as consumers shift from print to electronic media.
The company is the latest in a line of iconic businesses to have recently filed bankruptcy, Hostess Brands, maker of Twinkies, and Eastman Kodak, inventor of the Instamatic camera have also seeked court protection.
The question is… why are so many iconic American brands struggling to stay afloat?
How does the old adage go again? Doing the same thing again and again and expecting a different result is the sign of a failing company. Point being that if a company wants to continue to grow, prosper and stay on the cutting edge… then it must be willing to reinvent itself on a regular basis.
This is Malcolm Out Loud… Get Involved, Get Loud.