Fun facts about this Founding Father
<p>Over the years, widely successful <a href="https://www.starsinsider.com/lifestyle/526840/massively-successful-companies-that-started-from-nothing" target="_blank">companies</a> have come and gone. What once was trendy sometimes goes out of fashion or becomes obsolete. For the 30 companies in this list, they failed to innovate in one way or another and suffered the consequences for it. Whether that meant filing for bankruptcy, needing to shift industries and losing a lot of money, or selling to a competitor, these companies have paid the price for failing to keep up with the times.</p><p>Curious about which companies fell out of their top spots? Click through now to find out.</p>
Kodak was a household name in the photographic film market during a large chunk of the 20th century. However, in 2012 they filed for bankruptcy as digital cameras became more popular.
Nokia was a global leader in mobile phones in the late 1990s and early 2000s. However, its reliance on the outdated Symbian OS and slow transition to modern smartphones left it unable to compete with Apple and Android. Despite a late partnership with Microsoft, Nokia's decline led to the sale of its mobile division in 2014.
Before smartphones dominated the world, people used to get their directions online using a computer. Once you'd entered your starting and ending destinations, you'd then print out the step-by-step directions and bring them with you.
Founded in 1982, Compaq sold, developed, and supported computers. They struggled to keep prices low, especially against companies like Dell. Compaq was acquired in 2002 by HP.
Enron Corporation was an energy, commodities, and services company in America. Today it is known for being the subject of one of the largest accounting frauds in the history of the US.
TiVo was a DVR or digital video recording product. It allowed consumers to easily record a show or movie when they weren't home and watch it later.
Nortel was a Canadian multinational telecommunications and data networking equipment manufacturer. Nortel’s fall was a mix of overexpansion, accounting fraud, poor leadership, and market downturns.
JCPenney is a retail store in the US. In 2020 they filed bankruptcy and were later bought by Simon Property Group and Brookfield Asset Management for US$800 million.
Segways were personalized motorized scooters that were brought into the market in 2001. City infrastructure and safety were not considered before they went to market, leading to its decline.
Originally, Palm was a top three contender in the personal digital assistants (PDA) space. However, after the release of the Apple iPhone and the Blackberry, Palm was too slow to respond.
Management at Xerox believed that copy machines were the future and that going digital would be too expensive.
Blockbuster was once the go-to video rental business. Unfortunately, the company didn't keep up as the market transformed into a digital one and Blockbuster filed bankruptcy in 2010.
BlackBerry saw massive success in the early 2000s with its smartphones and tablets. However, it failed to adapt to the rise of touchscreen devices, losing market dominance. By 2017, it had exited the smartphone business.
The site was slow to innovate and its branding had no real understanding. It was originally created to appeal to Generation Y or 13 to 15-year-olds.
One a retail leader in the US, Sears' poor leadership, lack of innovation, neglect of e-commerce, and bad financial decisions led to its downfall.
Hitachi was a Japanese brand that competed with the likes of Sony, Panasonic, and Sharp. They exited the consumer electronics market though due to intense competition from Samsung and Chinese brands. Weak global branding and high manufacturing costs also made it difficult to stay profitable.
Toshiba was a Japanese company that collapsed financially due to an accounting scandal and a nuclear energy investment. It also lost its edge in consumer electronics, exiting the laptop and TV markets. In order to survive, it sold off key assets and pivoted toward industrial and infrastructure sectors.
An American retailer, Radio Shack was known for supplying electronics. Competition with Amazon, Walmart, and other big box retailers made it challenging to drive sales and stay afloat.
Borders first opened in 1971 and thrived for decades, becoming a major bookseller. However, its failure to invest in e-commerce and e-books allowed Amazon and Barnes & Noble to surpass it. In 2011, Borders filed for bankruptcy, leading to the closure of 399 stores.
Pan American was once a major brand. However, due to tragic accidents including terrorist attacks, customers lost trust in Pan Am, and it was marked as being unsafe.
This American multinational consumer electronics retail company sold TVs, series, and boom boxes, amongst other items. It failed in the end due to poor management decisions, increased competition, and failure to adapt to changing consumer trends.
In the late 1990s, Netscape was a popular internet browser. However, in the long run, it lost the battle to Internet Explorer and others.
Atari pioneered home video game consoles and arcade games. However, their view that gaming was an individual process instead of a shared experience aided in their decline.
This kids' toy retailer was one of the largest toy store chains. It missed its opportunity to develop an e-commerce site and presence after it signed a 10-year deal with Amazon.
HMV was popular in the 1990s and sold CDs, VHS, and video games. A disbelief in the online boom and an overconfidence in their store led in part to their decline.
AOL or America Online was one of the only internet providers in the mid-1990s. The decline in dial-up and the rise of broadband resulted in a declining customer base.
Hostess was a company that produced highly processed foods such as the famous Twinkie. In 2012, they filed for bankruptcy and had to lay off 18,500 employees.
This fashion brand in America sold trendy casual wear and accessories in the early 2000s. Abercombie & Fitch became outdated as fast fashion brands like H&M offered a cheaper selection.
DeLorean Motor Company was an automobile manufacturer in America. The car didn't perform well and in total, fewer than 9,000 cars were produced and bankruptcy was filed for.
The Concorde failed to innovate due to high operating costs, outdated technology, and inefficiency. It remained largely unchanged since its 1969 debut, lacking advancements in fuel efficiency and noise reduction.
Sources: (Investopedia) (Valuer) (Collective Campus) (Britannica) (Vanguard)
See also: The top 30 best companies for future leaders in 2025
Major brands that flopped because they failed to innovate
How market leaders lost their edge
LIFESTYLE Business
Over the years, widely successful companies have come and gone. What once was trendy sometimes goes out of fashion or becomes obsolete. For the 30 companies in this list, they failed to innovate in one way or another and suffered the consequences for it. Whether that meant filing for bankruptcy, needing to shift industries and losing a lot of money, or selling to a competitor, these companies have paid the price for failing to keep up with the times.
Curious about which companies fell out of their top spots? Click through now to find out.