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View Full Version : Promoting healthy living doesn't seem to be profitable....


Mosbonian
07-31-2005, 09:23 PM
http://biz.yahoo.com/ap/050731/atkins_bankruptcy.html?.v=6

AP
Low-Carb Pioneer Atkins Files Chapter 11
Sunday July 31, 9:21 pm ET
By Elizabeth Lesure, Associated Press Writer
Atkins Nutritionals, Company That Made Low-Carb Eating a National Diet Craze, Files Chapter 11


NEW YORK (AP) -- Atkins Nutritionals Inc., the company that promoted low-carb eating into a national diet craze, filed for bankruptcy court protection Sunday, a company spokesman said.
Atkins has been hurt by waning popularity of its namesake diet, which focuses on eliminating carbohydrates such as bread and pasta as a way to shed weight. The diet quickly became one of the most popular in U.S. history, spawning numerous derivatives and a virtual cottage industry of low-carb regimens -- but also drew criticism from many experts for its focus on fatty foods and low fruit and vegetable consumption.

A hearing on the prearranged, Chapter 11 filing was scheduled for Monday in U.S. Bankruptcy Court, spokesman Richard Rothstein said. The privately held company, founded in 1989 by Dr. Robert C. Atkins, said it had reached an agreement with the majority of its lenders to give them equity in exchange for lowered debt.

Atkins owes $300 million in outstanding principal and interest, Rothstein said.

The company said it had received $25 million in financing to operate during the bankruptcy proceedings, which it said would not affect day-to-day operations.

President and CEO Mark S. Rodriguez said the company has in the past year "adjusted our organization to accommodate a smaller business" and will promote its brands "more broadly for consumers who are concerned about heath and wellness."

After it leaves bankruptcy, the Ronkonkoma, N.Y.-based company will focus on its nutrition bars and shakes, Rodriguez said in a statement.

Private equity firm Parthenon Capital LLC acquired a majority stake in Atkins, in October 2003. Goldman Sachs Capital Partners owns a smaller stake in the company, as does the estate of Robert Atkins, who died in 2003 from injuries he suffered in a fall.

4th and Long
07-31-2005, 09:27 PM
Maybe they should refocus their efforts on something a bit more practical like, ... those little thingys you wear on your shoes that help give you better traction when walking on ice.

Bowser
07-31-2005, 09:38 PM
Maybe they should refocus their efforts on something a bit more practical like, ... those little thingys you wear on your shoes that help give you better traction when walking on ice.

/

4th and Long
07-31-2005, 09:42 PM
http://www.chiefsplanet.com/BB/attachment.php?attachmentid=45343&stc=1
NEW YORK (CNN) -- Dr. Robert Atkins, creator of the high-protein, low-carbohydrate Atkins Diet, died Thursday after an accidental fall on April 8 left him comatose.

Atkins, 72, was rushed to New York Weill Cornell Medical Center by his colleague, Dr. Keith Berkowitz, where surgeons removed a blood clot to relieve pressure in his brain on April 9.

Atkins slipped on an icy sidewalk outside his New York office.
I hate having to explain things to you. :p

Bowser
07-31-2005, 09:51 PM
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I hate having to explain things to you. :p

Yeah, it takes me awhile, sometimes......

4th and Long
07-31-2005, 09:52 PM
ROFL