Doomed celebrity businesses

debbystewart · 08-20-2009, 06:05 AM

Interesting article about Celebrity and Business:

Quote:

If you're one of the thousands of small business owners and entrepreneurs who have had to close shop since the recession began you're in good company. And, although they probably have better hair than you do, more than a few celebrities have experienced personal business failures, too. Only they tend to have more to lose - and they have to eat way more crow.

The Real World

Lauren Conrad hoped to parlay her MTV "The Hills" fame into high fashion success, launching the Lauren Conrad Collection in March 2008. The new venture barely got off the ground; it was shut down this spring. At least she can take comfort in knowing that her famed "frenemy", Heidi Montag, suffered the same fate. Her barely-there clothing line - Heidiwood - also tanked just seven months after its launch.

Investors Put the Squeeze on Somersized Venture

Suzanne Somers, best known as the blond, beautiful and often bubble-headed "Chrissy" on the 1970s TV show Three's Company, made a bundle with her uber-successful Thigh Master, but didn't find as much support for "Suzanne's Kitchen" -- a make-it-yourself meal preparation franchise that provided ingredients and recipes from Somers' cookbooks. The business was open for less than three months before changes in the business plan and a disagreement with investors led to a quick closing.

Bo Derek Scores a Perfect Zero on Business Venture

Bo Derek may have been a "10" on-screen but she scored a big zero with former business investor Fort Worth Magnolia Media Group over her decision to abruptly drop a pet-care product business launch in 1998.

Car Dealership Runs Out the Clock

Former New Orleans Saint all-time rusher and two-time Pro Bowl star Deuce McAllister fumbled in business and was unable to bring his on-field success to his Nissan car dealership. The First Tennessee Bank foreclosed on the property in July, after McAllister defaulted on a loan and exceeded his credit line by $7 million. The dealership filed for Chapter 11 bankruptcy, and was subsequently sued by Nissan for breaking an agreement in which Nissan Finance would receive a certain amount of money for financing the dealership's cars.

A Chicken Only Kramer Could Love

Country musician Kenny Rogers has won numerous platinum records for crooning about losing love but it was chicken - roasted chicken - that caused him to lose a bundle in the late '90s. Even an entire Seinfeld episode devoted to Rogers' fast food chicken restaurant, Kenny Rogers Roasters, couldn't save the business from failing in 1998. It probably didn't help that Rogers failed to recognize his own chicken in a blind taste test between Kenny Rogers Roasters and NBC cafeteria chicken on The Late Show with Conan O'Brian in 1997.

Stick a Fork in It - It's Over

Britney Spears has dealt with a lot of criticism in her career but perhaps the most stinging was for her NYLA restaurant. The restaurant opened in New York's Dylan Hotel in 2002, and was supposed to mix Spears' down-home Southern roots with high-class New York fare. Unfortunately, NYLA floundered from the start, suffering management changes and health food violations. And the food? Picky New York reviewers were not impressed; they booed the food and the restaurant's concept. Spears walked away from NYLA in 2002.

"Posh" Jeans Fail to Appeal

Victoria Beckham is tentatively replacing Paula Abdul on "American Idol" but her line of jeans - dVb jeans - failed to impress consumers. The pricey vintage-style pants (think $300 for a pair of jeans) sat on shelves and were dropped by U.S. stores, which claimed that Beckham refused to make appearances to promote the line.

"Jenny from the Block" Backs Out

Jennifer Lopez ("JLo") is a mega recording star and big-ticket actress but she's faltered in a few other business ventures. Her California restaurant, Madres, shut its doors in July 2008 after a six-year run. Her street wear line of clothing - Sweetface - also halted production in 2009. This is the second clothing line that has sputtered for the pop star - her first line (JLO) closed in the U.S. more than two years ago.

Nicky Uh Oh...

You would think that someone with the last name Hilton - Nicky Hilton - would have the hotel business down to a science. You'd be wrong. Nick's "Nicky O" hotels, which boasted elevators entertainment news tickers in the elevators, a signature scent and rooms designed by friends - including $5,000-a-night penthouse by clothing designer Roberto Cavalli, went bankrupt in 2007; all Hilton was left with was angry investors. The courts got the properties, which were put up for auction.

It's a Bust for Da Bear's Quarterback

Former Chicago Bears quarterback Jim McMahon was part of the '80s Bears Super Bowl-winning team, but his themed restaurant, "McMahon's Steakhouse", failed to impress diners. At least he can take comfort in knowing that more than a few other Windy City celebs have "failed restaurateur" on their resumes, including Michael Jordan, Mike Ditka, Dennis Rodman, and the late Walter Payton.

Ramsay's Personal Kitchen Nightmare

Chef and TV star of "Hell's Kitchen" Gordon Ramsay is suffering through this recession like everyone else, although he's likely more vocal about it than most! His multistar restaurants across the U.S. and Europe aren't drawing the crowds they used to, forcing Ramsay to slash his staff and hand a few of his properties back to the hotels where they're housed. If that doesn't work, he's considering selling his palatial home in London to avoid having to file for bankruptcy.

No, YOU'RE Fired

While Donald Trump most recently gained fame by yelling "you're fired!" to his potential apprentices, Trump has had to walk away from a few jobs and business ventures himself. Most recently, he had to cancel publication of "Trump" magazine after two-year run and now he's fending off a lawsuit for allegedly letting his Marina Hotel Casino physically deteriorate after tentatively agreeing to sell it to investors as part of a restructuring agreement included in his Chapter 11 bankruptcy protection filing.

That's a Wrap!

Take a cue from these celebs and don't let one failure keep you down. Regroup and look for another opportunity to build a business of your own...you may just strike it big enough to become a celebrity in your own right!

Source: http://finance.yahoo.com/career-work...eer-leadership

BodyMeltology · 09-04-2009, 04:46 AM

Also, Trump now has a new MLM company launching in November.... Blah!

superninja79 · 11-17-2009, 08:53 PM

Gene Simmons - of Kiss Fame - has franchised and merchandised everything. He trademarked his tongue for goodness sake. I wouldn't say he was a failed effort. He is still making millions from Licensing the kiss stuff. Paris Hilton's perfume was definitely a stink bomb though. She still makes about 25 million a year for doing absoutely nothing.

jenny33 · 11-23-2009, 01:29 AM

ugh. trump. how does he still have any money at all?

FreedomForex · 11-23-2009, 01:13 PM

Quote:

Originally Posted by jenny33

ugh. trump. how does he still have any money at all?

Good question,

It is all about diversified investment strategies. When he almost lost everything which was left to him in last recession, he learned a lesson, and a valuable one at that, diversify, don't put all your money into real estate, or any other single investment.

I give him credit for surviving those tough times, but I give him even more credit for learning from that survival. Love or hate Trump, he is not one to rest on his laurels. Always nice to start off as a millionaire, but like most know, the bigger you are the harder you fall, and as we see in this thread, no one is immune from business failures.

Recession proof businesses are the only ones which will survive this recession, and the era of frugality we are all going to experience in the years to come. The days of excess are over, and all the businesses listed are clear examples of this trend away from the days of excess, $300. jeans, designer this and designer that, fancy five star restaurants, you name it, anything which is hyped with star power names is no guarantee of success.

The same could be said for Trump's new MLM, it will be interesting to see if his name will generate the expected results Trump is known for. Sure, he has had successes, as well as failures, but I have to say this, he doesn't give up, a true sign of an entrepreneur, so hopefully he brings new recognition to the MLM industry with his success. It will help us all with our business ventures if he succeeds, so I am rooting for him. lol

Personally, name alone is not going to work like it use to for the rich and famous who enter the business world, and that was clear in this article. What people are looking for now is value, low prices, quality, not the old name status junk so many fell for over the years. With Trump's new MLM, the first thing I looked for is value, and I didn't see it, and at $100. to have a lab tell me what nutritional supplements my body needs, and then $100. a month being usual suggestion, I just don't see this as a long term winner unless they lower prices by at least half.

Having researched there plan thoroughly as I do for all businesses, I don't see the value for the average consumer, especially since finding the best nutritional products available at wholesale through TamPogo which I discovered while researching recession proof businesses. Again, it is all about VALUE in this economic collapse, so although I hope Trump survives, I just don't think most will fall for these high prices, so time will tell.

Success to all, Mike

Jim Gillum · 11-23-2009, 11:36 PM

We have an ex-NFL pro who has been opening Wing House sports related restaurants in Florida for the past ten years or so.

Seems to be doing well. Drive pass one at dinner time and they are packed......

Some do well....
BTW I really liked Kenny Rodgers chicken......guess not enough others did.....

TryUsOut · 12-17-2009, 11:34 AM

That is a very interesting read

I have also seen and read that news on yahoo a couple of months ago. I bet more and more hollywood stars are trying earn their income outside of hollywood.

misshawaii · 12-25-2009, 10:29 AM

Quote:

Originally Posted by BodyMeltology

Also, Trump now has a new MLM company launching in November.... Blah!

What's the new company called?..keen to know

FreedomForex · 12-26-2009, 02:08 PM

Quote:

Originally Posted by misshawaii

What's the new company called?..keen to know

Funny, what else would Trump call his company, The Trump Network, which is technically a company he purchased or invested in called Ideal Health, another ho humm nutritional deal. And we all know about nutrition attrition by now, so tough to keep people on products with mandated autoshipping deals.

Success to all, Mike

dick white · 12-29-2009, 08:28 AM

Hello
What matters to your small business is taking action. Even if a product or service is just shy of perfection, it's important to expose it to your prospects to get the ball rolling in the right direction.

I talk to way too many small business owners who get bound up in the "it's got to be perfect" mode. Ideas never turn into action -- they're in perpetual R&D. And most of those businesses end up closing their doors. Don't be one of them.

Embrace a "good enough" policy. Identify your "good enough" standards and get those products or services out the door. Amazingly most of the time, the final tweak ideas can be implemented with little effort once you've rolled to production.