(We start with the chorus so you don’t have to remember all those reindeer)
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What does Rudolph the Red-Nosed Reindeer have to do with bankruptcy?
According to Wikipedia, in 1939, the Montgomery Ward department store chain commissioned Robert L. May to create Rudolph. The retailer hoped to save money by creating its own book to give away at Christmas instead of the coloring books it had been buying and distributing. Unfortunately, Rudolph was not a permanent solution to Montgomery Ward’s problems. In 1997, Montgomery Ward filed for chapter 11 protection. Montgomery Ward emerged from chapter 11 in 1999, but lower-than-expected sales during the 2000 Christmas season caused Montgomery Ward to file its second bankruptcy case and close its remaining retail outlets.
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