Technological advancements led to the demise of video rental stores like Blockbuster and Hollywood Video, as DVDs and streaming services took over. The refrigeration appliance industry also suffered, with Norcold filing for bankruptcy due to changing consumer behavior and competition, leading to a decline in sales and market share.

Norcold, a former RV refrigerator manufacturer, filed for Chapter 11 bankruptcy to sell its assets and wind down operations due to costly product liability lawsuits, declining sales, and increased competition. The company saw a significant loss of market share and revenue, leading to its ultimate downfall and liquidation.

With Norcold’s net sales declining by 60% between 2022 and 2023, the company closed its manufacturing plant and transitioned to a distributor model. After hiring restructuring advisers, Norcold planned to sell its assets to a bidder and secure debtor-in-possession financing to navigate the bankruptcy process and maximize asset value.

Read more at Yahoo Finance: 66-year-old appliance company files for Chapter 11 bankruptcy