GGW Brands LLC and its subsidiaries are filing for bankruptcy after judgments were entered against "Girls Gone Wild" founder Joe Francis and his company, Mantra Films.
California has certainly had its share of financial woes, and now the city of Stockton, about 80 miles east of San Francisco, is set to become the largest American municipality to declare bankruptcy.
Some major companies and corporations such as MF Global and AMR, the parent company of American Airlines, have filed for bankruptcy.
In the process, they may have, directly or not, caused some people to go bankrupt.
Citing the economic downtown and rising food costs, the parent of the Friendly’s restaurant chain filed for Chapter 11 bankruptcy protection on Wednesday and closed 63 underperforming stores.
The 76-year-old franchise, based in Wilbraham, Massachusetts and known for its ice cream and hamburgers, will continue to operate more than 400 restaurants as it restructures.