Big-Name Corporate Bankruptcies

Another%20victim%20of%20the%20ascension%20of%20Netflix%20was%20Hollywood%20Video%2C%20which%20saw%20its%20former%20competitor%20Blockbuster%20offer%20%241%20billion%20to%20buy%20the%20struggling%20chain.%20%28Craig%20Mitchelldyer%2FGetty%20Images%29

Santa%20Monica-based%20Metro-Goldwyn-Mayer%20Inc.%2C%20the%20studio%20behind%20the%20long-running%20James%20Bond%20franchise%2C%20has%20been%20approved%20for%20a%20prepackaged%20bankruptcy%20plan%20in%20which%20its%20lenders%20will%20exchange%20nearly%20%245%20billion%20in%20debt%20for%20ownership%20of%20the%20company%20responsible%20for%20half%20of%20%E2%80%9CThe%20Hobbit%E2%80%9D%20movies.%20%28Greg%20Williams%2FEon%20Productions%20via%20Getty%20Images%29%20

Blockbuster%20Video%2C%20the%20nation%E2%80%99s%20most%20popular%20video%20rental%20chain%20filed%20bankruptcy%20in%20August%20after%20seeing%20its%20revenue%20plunge%20in%20the%20face%20of%20online%20competitor%20Netflix.%20%28Getty%20Images%29

High-end%20department%20store%20Barney%E2%80%99s%20is%20suffering%20just%20as%20badly%20as%20its%20lower-price%20counterparts%2C%20and%20while%20it%20has%20emerged%20from%20bankruptcy%20before%2C%20reports%20surfaced%20in%20September%20that%20the%20store%20may%20be%20on%20the%20verge%20once%20again.%20%28credit%3A%20WikiCommons.org%29

Loehmann%20Holdings%20Inc.%2C%20the%20seller%20of%20discounted%20designer%20goods%2C%20negotiated%20a%20restructuring%20plan%20with%20owner%20Istithmar%20Retail%20Investments%20and%20noteholder%20Whippoorwill%20Associates%20Inc.%20before%20filing%20for%20bankruptcy.%20Loehmann%E2%80%99s%2C%20which%20filed%20for%20bankruptcy%20today%2C%20said%20its%20plan%20to%20reorganize%20would%20cut%20debt%20by%20%24115%20million.%20%28Jin%20Lee%20%2F%20Getty%20Images%29

American%20Media%20Inc.%2C%20publisher%20of%20National%20Enquirer%2C%20filed%20for%20Chapter%2011%20bankruptcy%20protection%20in%20November%20facing%20over%20%241%20billion%20in%20liabilities.%20%28AP%20PHOTO%29

With%20sales%20sharply%20declining%20and%20share%20prices%20hovering%20around%20the%20%241%20mark%2C%20analysts%20predict%20Rite%20Aid%20is%20among%20the%20companies%20most%20likely%20to%20declare%20bankruptcy%20in%20the%20next%20year.%20%28AP%20PHOTO%29