Entrepreneurs Who Went Bankrupt
H. J. Heinz
H. J. Heinz, (Henery John Heinz), was the founder of the H.J. Heinz Company that is famous for “57 varieties” slogan and its ketchup. Heinz along with his friend Clarence Noble used to peddle vegetables from the family garden to neighbors in the area. At the age of 25, he and his friend formed a business named Heinz and Noble, to produce pure and superior grated horseradish and other bottled products.
Heinz was a wonderful salesman and his company was established solidly within a year of its formation. However, the duo were forced to declare bankruptcy in 1875 due to the prices of the herb that fell to almost nothing and this was the concern of Heinz almost since he started his business.
