10 Of The Worst Deals That Have Ever Been Made
Business decisions, mergers, takeovers, trades and other types of deals are always risky activities that can bring terrible consequences as well as huge rewards. It is simply the nature of such arrangements that they can either go catastrophically wrong or turn out to be a huge mistake for one of the parties involved in the agreement. This can happen for a variety of reasons, but whatever the case, you can be sure that some deals were almost destined to be awful for some of those involved.
Jeanne Calment Apartment Sale
In 1975, a 90-year-old French women called Jeanne Calment made an agreement with Andre-Francois Raffray that saw him agree to pay her $500 a month until she died on the condition that he would get her $90,000 valued apartment after her death. Unfortunately for Raffray, the deal turned out to be a huge mistake as she lived for another 32 years and became the world’s oldest living person, meaning she earned $180,000 from the agreement. Even worse, she actually outlived Raffray so he didn’t even get to live in the apartment.
Quaker’s Purchase Of Snapple
Despite the fact that most industry analysts only believed that drinks brand Snapple was only worth around $700 million, Quaker purchased it for a staggering $1.7 billion. The deal turned out to be a disaster though, as Quaker couldn’t sort out distribution for the product and were forced to sell it after laying off most of the staff just two and a half years later for $300 million.