Chennai: There are some iconic brands like Sony Ericsson, Cingular and Compaq that just vanished over time. Similarly, there are also some other popular brands that that have gone unseen for many decades now. That could be due to different reasons like financial crisis, mergers and acquisitions, or through poor management.
Here is a list of those iconic companies that vanished, listed by 24/7 Wall St.
Compaq
Founded in 1982, Compaq is a company that develops and supports computers, and related products and services. It rose to become the largest supplier of PC systems during 1990s before being overtaken by Dell in 2001.
In 2001, Hewlett-Packard (HP) decided to purchase Compaq for $25 billion, but since both the companies has dipping sales and as there were management issues, HP was not able to buy it and Compaq vanished over the time.
Washington Mutual
Washington Mutual was a savings banks company which happened to be America’s largest savings and loan association until its collapse in 2008. Under Kerry Killinger who was the CEO of Washington Mutual, the bank began to acquire smaller financial institutions for much of the next two decades. Later on, the company marked itself in the name of WaMu and came up with ad campaigns that were mostly mocking other brands as elitist and frugal. However, later J.P. Morgan Chase & Co bought the company for a much lesser price.
Sony Ericsson
Founded in 2001, Sony Ericsson is a joint venture between Japanese conglomerate Sony and a Swedish telecom company Ericsson. There was no doubt regarding the brand growth within a short period, but with the rise in Android and Apple smartphones, Sony Ericsson was not able to match the consumers with just a cutting-edge camera and music storage capability. In October 2011, Sony bought out Ericsson’s share in the venture.
Saab
Saab is a European car maker that became popular in America during 1980s and 1990s. But from 2000s the brands demand slowly started declining. General Motors which had already acquired half of Saab saw this as an advantage and decided to take over the complete company in 2000. As the company realized that it cannot take the pressure anymore from its competitors, Saab announced to its suppliers and workers that it could no longer afford to pay them and were closing down shortly.
Wachovia
Wachovia is a financial institution that is based in U.S. In fact, Wachovia was the fourth-largest bank holding company in terms of their total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services.
In 2011, the company faced serious trouble in terms of financial and housing. Due to Wachovia’s overaggressive practices, most of the lenders plummeted.
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