101 Worst moments in business for this year....
Business 2.0 has released there 2003 list.
Highlights
- After years of bombarding Web surfers with annoying pop-up ads, wireless camera maker X10 files for bankruptcy in October, listing debts of more than $10 million. Among the parties stiffed: AOL, Google, Yahoo, and AdvertisementBanners.com, which won $4 million in a lawsuit against X10 shortly before the bankruptcy filing.
- After marketing its sporty Eclipse coupe to 20-something slacker types through a mix of ultrahip ads and zero-percent financing, Mitsubishi Motors announces a $469 million loss from loan defaults. New CEO Rolf Eckrodt says the company's mistake was "aiming at customers interested in products which are lifestyle-oriented and emotional and cool." The fix? Aiming at customers with money. The move looks good on paper—just not the paper on which the company's books are kept. After tightening up credit requirements, Eclipse sales fall by 48 percent, forcing Mitsubishi to spend another $432 million to clear out unsold inventory.
Posted by pqbon at January 28, 2004 09:52 PM