yeahwho
08-01-2005, 12:10 PM
Give me pasta, potatos and ice cream!
Atkins Nutritionals files for bankruptcy
CHICAGO, Aug 1 (Reuters) - Atkins Nutritionals Inc., the company behind the low-carbohydrate Atkins Diet craze, has filed for Chapter 11 bankruptcy protection, blaming slumping demand and a flood of competing products.
The company, founded in 1989, filed for bankruptcy on Sunday in the U.S. Bankruptcy Court in New York, according to court documents. A spokesman for the New York-based company did not immediately return a call seeking comment.
The Atkins diet, based on the research of Dr. Robert Atkins, promotes eating protein over carbohydrates and was so popular from 2002 through early 2004 that it was blamed for the bankruptcies of several pasta and bakery companies.
But Atkins Nutritionals said demand slumped beginning in the second half of 2004 and rival products flooded the marketplace, prompting the company to restructure and replace its management team.
For the 12-month period ended Dec. 31, 2004, Atkins said it had total assets of $301 million and liabilities of $325.1 million, according to court documents. For the same period, it recorded a loss of $340.9 million, including an asset impairment charge
Sausage Link (http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-08-01T120748Z_01_N01436689_RTRIDST_0_FOOD-ATKINS.XML)
Atkins Nutritionals files for bankruptcy
CHICAGO, Aug 1 (Reuters) - Atkins Nutritionals Inc., the company behind the low-carbohydrate Atkins Diet craze, has filed for Chapter 11 bankruptcy protection, blaming slumping demand and a flood of competing products.
The company, founded in 1989, filed for bankruptcy on Sunday in the U.S. Bankruptcy Court in New York, according to court documents. A spokesman for the New York-based company did not immediately return a call seeking comment.
The Atkins diet, based on the research of Dr. Robert Atkins, promotes eating protein over carbohydrates and was so popular from 2002 through early 2004 that it was blamed for the bankruptcies of several pasta and bakery companies.
But Atkins Nutritionals said demand slumped beginning in the second half of 2004 and rival products flooded the marketplace, prompting the company to restructure and replace its management team.
For the 12-month period ended Dec. 31, 2004, Atkins said it had total assets of $301 million and liabilities of $325.1 million, according to court documents. For the same period, it recorded a loss of $340.9 million, including an asset impairment charge
Sausage Link (http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-08-01T120748Z_01_N01436689_RTRIDST_0_FOOD-ATKINS.XML)