China Just Bought These Major US Companies

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From Starbucks to Apple, many of the world’s most well-known corporations had their start in the United States of America. Before these companies rose to the top of their respective industries, they were start-ups with limited resources. The world of business, on the other hand, is never relatively as straightforward as it appears. Although a corporation may have been created on US soil, this does not imply that it will be headquartered there indefinitely. In fact, you may be astonished to learn that many trademarks have subsequently ceased to be associated with the United States. In companies ranging from IBM to Ben and Jerry’s to Holiday Inn, foreign investors play a significant role in the organization’s destiny.

It is possible that many of these firms would no longer exist if they had not intervened at the appropriate time.

Hellman’s

Hellman’s is most likely best known for its mayonnaise. There’s a strong probability that you’re now sitting on a jar of it in your own refrigerator right this minute. In 1905, Richard Hellmann created his recipe by introducing a French condiment to the American market that was slightly different from the original. Customers at his shop were so enthusiastic about it that he decided to sell it on his own. Best Foods purchased the company in 1932 and continued to operate it for another 70 years. Unilever purchased Hellman’s for a whopping $20.3 billion in the year 2000. This isn’t awful at all for a simple dip that was created in New York City!

We’re fairly sure that you were complete surprised to find out that a lot of our favorite American brands aren’t actually American anymore! Whether that’s a good or a bad thing, we’d leave it up to you, but with all of these amazing companies being mentioned, you might be surprised to find out that some of your favorite companies are shutting down some stores (or shutting down completely!). Let’s take a break from looking at the various companies that are no longer American and take a look at various companies that shut down stores last year.

General Electric

General Electric started off as a relatively insignificant company in 1982. It has, however, rising at an exponential rate since that time. It has since expanded into various other industries, including healthcare, aviation, venture capital, and energy. This is one of those brands with a strong sense of belonging, aided in part by the “Made in America” stamp on the products. However, the truth is that it has been controlled by a Chinese corporation known as Haier since 2016 when it was founded. GE was purchased for $5.4 billion, which is considered a high price for a company of its size. It doesn’t matter whether the products are still being manufactured in the United States; the decisions are ultimately made in China.

AMC

For over a century now, AMC theaters have provided moviegoers with relaxed and entertaining moviegoing experiences. It established a reputation in the industry via this firm, and it eventually grew to become the largest movie theater chain on the planet. Even though the initials AMC stand for American Multi-Cinema, the truth is that a Chinese business known as Dalian Wanda Group held the majority of the company’s shares between 2012 and 2018. In 2018, however, this changed a little due to Silver Lake Partners’ $600 million investment in the company. Despite this, the Wanda Group continues to be the one that has the final say in terms of executive-level decision-making authority.

Budweiser

In terms of beers, some people believe that you can’t get much more American than this when drinking. It may have been confirmed in the past, but the truth is that this is no longer an American corporation, although it was started in Missouri and that the word “America” remains to be printed on the container. In 2008, this company was purchased by InBev, a Belgian beer behemoth, for 52 billion dollars. It may have had a solid connection to the United States in the past, but we can’t claim the same for its future. Regardless, we are grateful that the parent business did not make any changes to the original formula. It has precisely the same flavor as it did before!

Ben & Jerry’s

Over the years, this ice cream company has established itself as a pop-culture institution. Ben & Jerry’s ice cream has been featured in numerous television shows and films due to its popularity as one of the most beloved foods in the United States. In 1978, a pair of best friends named Jerry Greenfield, and Ben Cohen opened an ice cream parlor in Vermont called Greenfield & Cohen. Things began to alter in 2000 when Unilever purchased the company for an incredible 326 million dollar sum. According to the Financial Times, the London-based multinational was the highest bidder out of three corporations interested in acquiring the ice cream maker. This turned out to be a fantastic option because it contributed to the improvement of Unilever’s portfolio.

Burger King

When most people think of fast food, they automatically think of the United States. There are a plethora of locally owned and operated businesses, and Burger King is one of them. In 1954, David Egerton and James McLamore built the first “Insta Burger King” establishment in Miami, Florida, “Insta Burger King.” They had no clue that it would grow to be a well-known brand throughout the world. A decade later, they were able to sell the company for the first time ever. Since then, it has been owned by several different individuals. It is currently under the ownership of a Canadian corporation known as Restaurant Brands International. 3G Capital, based in New York City, continues to provide financial support to BK.

Trader Joe’s

As long as convenience stores have existed, there has always been tremendous competition in the industry. This is especially true in densely populated areas. During the summer of 1967, a guy named Joe Coulombe began stocking his store in Monrovia, California, with exotic food items and hard to come by to draw people away from 7-Eleven and into his establishment. His strategy was successful. Despite the fact that it became a household name, he sold the company in 1979. It is presently owned by Theo Albrecht, who also controls a large grocery chain in Germany known as Aldi Nord and other businesses. In addition to hailing from a wealthy family, he is estimated to have a net worth over $16 billion! Whoa.

Lucky Strike

There’s a strong sense that Lucky Strike, commonly known as Luckies, is the most widely used cigarette brand in the United States. People smoked the product during the 1930s and 1940s because the company had a successful marketing strategy. This was one of the factors that contributed to the brand becoming the best-selling cigarette brand at the time. In 1976, the corporation began doing business with British American Tobacco, which was based in the United Kingdom. The American Tobacco Corporation and its subsidiaries, Lucky Strike and Pall Mall, were purchased by the United Kingdom-based company in 1994. Despite the fact that it has undergone many transformations, it is still regarded as a distinctly American brand. This can be linked to the fact that it is prevalent in popular culture. The brand was prominently featured in the television show Mad Men!

American Apparel

American Apparel’s “Made in the USA – Sweatshop-free” motto, among other things, couldn’t help but attract attention from consumers. I thought it was a fantastic concept to encourage ethical buyers to support the LA brand. The company had been performing exceptionally well until 2015 when it began to struggle to regain its previous performance levels. The company was salvaged two years later by a Canadian company called Gildan Activewear, which purchased the rights to its name and manufacturing equipment for a total of $8 million. We have our doubts that American Apparel would still be in business today if this had not occurred. Even if you want to be literal about it, the brand’s headquarters are still in the United States of America.

7-Eleven

Every single outstanding firm in the world had its start with a single individual who had a vision. This was likewise true in the case of 7-Eleven. Jefferson Green was a regular Joe working at Southland Ice in 1927 when he decided to expand the company’s product line and expand its market reach. He began to provide additional items such as bread, eggs, and milk. It turned out to be a successful business concept. His Dallas-based company grew even more successful after renaming it 7-Eleven in honor of its operating hours. Several decades later, it has been ingrained in American culture. It did, however, go through a hard patch during the 1987 financial meltdown. It was at this point that a Japanese corporation called Ito-Yokado stepped in to assist the company. This is why it has since been acquired by Seven & I Holdings and became a subsidiary of the company.

Sunglass Hut

Sunglass Hut is the most popular location to shop for many eyewear enthusiasts in the United States. The company provides everything you could possibly need, from tinted sunglasses to clear spectacles. It has a presence in several countries, including South Africa, India, and the United Kingdom. Despite this, the company was founded in Miami, Florida, by an optometrist named Sanford Ziff, who was the inspiration for the venture. The company was sold in 1986, five years after it opened its 100th outpost in New York City. The Luxottica group purchased the company in 2001 for $653 million. There were more than 1,300 stores in operation at the time of the survey. There are approximately 2,000 outlets in nearly every country in the world at the moment!

Motorola

Motorola, most known for its technological goods, was founded in Schaumburg, Illinois, decades before the concept of mobile phones was even given to the public. Following its founding in 1928, the company had continuous growth until its success with flip phones and other similar devices reached the pinnacle of its success. The company was subsequently purchased by Google, but it was later sold to a Chinese corporation called Lenovo in 2014. Since Google bought the company for $12 billion two years before selling it for $2.9 billion, this did not prove beneficial for the company. Still, others are perplexed why Google appeared to be okay with losing $10 billion on this transaction, which occurred in 2011.

Ironman

The Hawaii Triathlon Corporation was the organization that gave birth to the Ironman competition. Dr. James P. Gills purchased the property in 1990 for $3 million. Since then, it has grown to be a substantially larger organization than it was at the outset. Providence Equity Securities purchased the company in 2008 for a total of 85 million dollars. Following that, the Dalian Wanda Group purchased it for $650 million seven years later! It turns out that the Chinese corporation was even required to assume the debt owed by the previous owner to do this. Wanda was overjoyed with the 40 percent net growth that the company experienced year after year. However, it had been successful even before the current arrangement.

Forbes

Forbes published its inaugural edition in September 1917, marking the publication’s 100th anniversary. Is it possible to believe that it has been 103 years since that time? The journal has subsequently grown into a reputable source of information, publishing definitive and dependable rankings of celebrities and businesses. We are confident that you have at least heard of its well-known lists, including the World’s 100 Most Powerful Women and the 30 Under 30 list. Contrary to popular belief, it is no longer owned by an American corporation but rather by a Hong Kong-based corporation named Integrated Whale Media Investments, founded in 2008. Forbes was purchased for $400 million by the company in 2014. We doubt that the readers had seen anything different before and after the purchase was made, though.

Dirt Devil

For more than a century, Dirt Devil vacuum cleaners have been keeping American homes clean and organized. It was invented by Philip Geier in Cleveland, Ohio, in 1905 and is still in use today. Since then, the product line has grown to include more than 25 million devices sold worldwide. This is due primarily to the Cyclone system, which is one of a kind. Although the company’s headquarters are still in North Carolina, it is proudly owned by a Chinese company known as Techtronic Industries. Dirt Devil is not the only household appliance brand that it holds. It also acquired Hoover a couple of years ago, according to the company. The HK-based company’s appliance investment portfolio has undoubtedly improved as a result of these selections, we are confident.

Good Humor

Good Humor ice cream is a particular favorite of baby boomer generations. The company, which has been in business for more than a century, is most known for its ice cream truck fleet. It was established in Ohio in the 1920s and hasn’t looked back since. The company was purchased by Thomas J. Lipton, a representative of Unilever, in 1961. Though Lipton now manages the United States part of this British-Dutch corporation, we cannot deny that the situation for Good Humor has only become better since then. As a result, the brand has broadened its product offerings to include a greater variety of items while maintaining a strong consumer following throughout the country.

Popsicle

Hold your breath till you hear the exciting history of this organization! The formula for the Popsicle was developed by an 11-year-old boy from Oakland, California after he unintentionally left his drink outside with a stick in it for the entire night while playing outside. When he went to get it the next day, he discovered that it had been frozen solid! When Francis Epperson grew up, he took it throughout the world and introduced it to everyone. As a result, he sold the rights to Joe Lowe in 1925, and the film was a huge smash immediately. He expressed regret for his decision and even said that “I haven’t been the same person since.” The popsicle was acquired by Good Humor, a previous competitor company, in 1989, when it was still a division of Unilever. In practice, it is now also owned by the same English-Dutch parent business as the original.

Purina

Purina was founded in 1894 by George Robinson, William H. Danforth, and William Andrews, who began feeding farm animals in their spare time. They were completely unaware that their invention would make them extremely wealthy. Despite the fact that Nestle is better known for its food products than for its pet products, the Swiss corporation purchased Purina for $10.3 billion in December 2011 despite this. This decision was made as part of the company’s strategy to integrate Purina with Friskies PetCare, which is the company’s pet food division. On the other hand, Purina continues to be a household staple not only in the United States but also throughout the rest of the world.

Firestone

The transaction, on the other hand, did not sit well with everyone. It was announced that the tire manufacturer Firestone would be merging with an Italian company called Pirelli. This was one of the reasons why Firestone decided to sell to a Japanese company called Bridgestone Corp. instead of going public. The Tokyo-based business purchased it for $2.6 million, which equated to an $80 per share purchase price. As a result of this decision, Bridgestone surpassed General Motors as the second-largest tire maker in the country. In an interview with the Los Angeles Times, a Firestone representative stated, “The Bridgestone offer achieves our objective of increasing shareholder value and will materially increase the employment security and career opportunities available to the men and women employed by Firestone’s existing businesses.”

Gerber

Nestle said in 2007 that it intended to spend $5.5 billion on the acquisition of Gerber Products Company, a company that makes baby diapers. It had been the appropriate decision because it resulted in the Swiss company gaining the largest market share in the baby food industry. Of course, the company has progressed tremendously since its humble origins in New Jersey! It is a tremendously profitable market to be involved in. The baby food shop has been in business since 1927 when Daniel Frank Gerber’s wife began preparing baby food for their daughter Sally, who was born in the same year. He had the idea of selling the goods, and they quickly came up with five new things to put on the market.

IBM (PC Division)

IBM has a genuinely fascinating past, to say the least. Ever since it was founded in IBM, this company has helped the United States stay on top when it comes to tech. In those days, it was more involved in business machines more than computers. In 2004, Lenovo bought its PC division for $1.75 billion. “As Lenovo’s founder, I am excited by this breakthrough in Lenovo’s journey towards becoming an international company,” shared Chuanzhi Liu, who was the CEO of Lenovo back then. On the other hand, IBM CEO Sam Palmisano shared his thoughts by saying, “Today’s announcement further strengthens IBM’s ability to capture the highest-value opportunities in a rapidly changing information technology industry.”

Legendary Entertainment Group

Following the acquisition of AMC by Dalian Wanda Group, which witnessed tremendous success in the movie industry, the company decided to go all-in by purchasing a movie studio in 2016. Legendary Entertainment Group sold its stake in the Chinese corporation for $3.5 billion, transferring ownership to the Chinese company. At the time, the Dalian Wanda Group intended to incorporate it into its current portfolio of businesses. However, it eventually came to the conclusion that it would be best to keep things as they were. Let’s take a look at how things are going for LEG now that it’s been four years since the transaction was completed. The company has now made films such as Jurassic World: Fallen Kingdom, Pacific Rim: Uprising, Kong: Skull Island, and Skyscraper! since its takeover in 2011.

Hoover US

Founded in 1908, Hoover has established itself as a well-known and respected manufacturer of household appliances in the United States. It was given this name in honor of its founder, William Henry Hoover, and is today considered a household name. Despite the fact that things remained local for the most extended period, things began to change after Techtronic Industries purchased it for $107 million in 2006. Although the headquarters are still in North Carolina, the central office is now located in Hong Kong. A massive Chinese corporation with more than 30,000 employees and annual sales of more than $7.7 billion, the company is colossal. Although it is no longer an American corporation, it is in good hands.

Frigidaire

Frigidaire, originally known as the Guardian Refrigerator Company, began operations in Indiana in 1918. While Alfred Mellowes and Nathaniel B. Wales had the inspiration for it, they lacked the financial resources to see it through to completion. In stepped William C. Durant, a General Motors executive, to save the day! He made an investment in the company, making it possible for the two of them to take it to where it is today. The White Sewing Machine Company owned the company in 1979 when it went out of business. In 1986, a Swedish firm by the name of Electrolux acquired the company. To this day, Frigidaire remains a subsidiary of this corporation. Still, it appears to be doing quite fine on its own.

Alka-Seltzer

Alka-Seltzer is a trademarked drug that has been around for a very long time. Dr. Miles Medicine Company, now known as Miles Laboratories, first began selling this pain treatment and antacid drink in 1931, when it was known as Dr. Miles Medicine Company. In 1978, a German firm known as Bayer purchased the company after being in American hands for a lengthy period. Bayer has earned a reputation for working alongside some of the world’s most successful pharmaceutical companies. In 2004, it even reached an agreement with GlaxoSmithKline to engage in a combined effort to increase Levitra sales through the use of the tagline “Strike Up A Conversation.”

The Chrysler Building

When The Wall Street Journal published a report concerning the sale of the Chrysler Building in 2019, many people were taken aback. After all, this was considered one of the most famous towers in the New York skyline. However, the truth is that it has not been in the hands of an American for quite some time. With an $800 million investment, the Abu Dhabi Investment Council acquired a majority stake in the company in 2008. after that, it was purchased by an Austrian business called SIGNA for a sum of over $150 million around a decade later. Upon publication, this was interpreted as a significant loss, which garnered widespread coverage in financial publications throughout the globe.

General Motors

Did you know that General Motors is the world’s largest vehicle manufacturer, with production facilities in over 100 countries? Because it is one of the largest companies in the industry globally, it is a very enticing and profitable business to get involved with it. Although it is not entirely controlled by Shanghai Automotive Industry Corp, the corporation is nonetheless reliant on the Chinese company to keep the cash flowing. The two companies first collaborated in 1998, when they formed a joint venture. Customers may not be aware that SAIC sells automobiles under the General Motors brand name, but they are. They are two distinct organizations, with the SAIC headquarters in Shanghai and the General Motors headquarters in Detroit.

Spotify

At this point in time, it is difficult for us to imagine when we were unable to listen to our favorite tunes with the simple press of a button. The fact that Spotify has made this possible makes us highly grateful! Since its founding in 2006, the New York-based startup has gained prominence for giving its customers the option of streaming music. However, despite its Swedish origins, it has since traveled to many different places around the world. Spotify and Tencent Holdings each purchased a ten percent investment in the other during the third quarter of 2017. The joint venture had successfully assisted Spotify’s entry into the Chinese market while also allowing Tencent to extend its repertoire even further. Before collaborating on this project, the streaming provider was having difficulty expanding its footprint in the Chinese market.

The Waldorf Astoria Hotel

This luxurious hotel is an excellent alternative for anyone seeking high-end accommodations in New York City’s luxury district. It is not only a New York institution, but it is also a piece of American history passed down through the generations. Even though the hotel is managed by Hilton Worldwide, Anbang Insurance Group purchased it for $1.95 billion in 2014. Because of this astounding price, it is the most expensive hotel in the history of the world. The Chinese corporation performed extensive renovations to the hotel and converted a portion of its rooms into condominiums. Aside from that, the insurance corporation is interested in purchasing even more American companies. Starwood Resorts was one of the properties that the company had been considering purchasing.

Tesla

Elon Musk, better known as the “brains behind Tesla,” is the business’s primary stakeholder, holding a 21.7 percent interest in the California-based corporation. In addition to him, the corporation has a large number of stockholders, including Tencent Holdings Ltd. The Chinese corporation appears to be interested in a variety of other things in addition to music, as seen by the above statement. As a bonus, Tencent also happens to be the world’s largest video game firm as well as one of the world’s largest social media organizations. In 2019, it was even able to boast a net income of $95.8 billion. Whatever it is that they are doing, it is evident that they are doing things correctly! We are confident that it will continue to expand in the future.

Snapchat

We have our doubts that the trend of putting goofy filters on our images would have started if Snapchat hadn’t existed. Founders Bobby Murphy and Evan Spiegel began the app in 2011, with no idea how successful it would become. Snapchat is currently valued at more than $20 billion, according to some estimates. In 2017, the Chinese business Tencent expanded its reach to include the social media platform Snapchat. Investing more than $2 billion to acquire a 10% interest in the social media platform, this tech behemoth is hoping to reap substantial financial rewards in the future. Additionally, Tencent assisted Snapchat in developing augmented reality capabilities through the use of its technological skills, which was previously mentioned.

Ingram Micro

Ingram Micro began as a modest tech product distributor in 1979. Today, the company has grown to be a global leader in technology distribution. Due to its success, it has grown from a small startup to a multibillion-dollar corporation. In the early 1990s, it acquired Softinvest, a Belgian firm that was being developed. This move allowed Ingram to distribute HP products and establish an even stronger position in the market. For $6 billion, a Chinese business affiliated with the HNA Group, Tianjin Tianhai Investment, acquired Ingram Micro in 2016. As a result, it became one of the most profitable subsidiaries of the parent firm across the entire portfolio. On the other hand, this resulted in Ingram having a far greater international footprint.

Fidelity & Guaranty Life

From the time it was established in Des Moines, Illinois, in 1959, the Fidelity and Guaranty Life Insurance Company has assisted millions of people in securing their financial future. Having said that, the organization’s own future had not been entirely secure. Harbinger Group previously owned it, but the parent company decided to make it available to the general public in 2013. After becoming interested in it, Anbang Insurance Group purchased F&G for 1.57 billion dollars. Everything appeared to be going smoothly until the Chinese company decided to cancel the agreement at the last minute. Following the abrupt change in plans, CF Corp acquired F&G for around $1.84 billion in 2017.

Universal Music Group

Getting a record deal with Universal Music Group would be a dream come true for every aspiring musician. One of the “Big Three” record companies, together with Warner Music Group and Sony Music Entertainment, dominates the music industry. UMG has been a part of the entertainment business for nearly a century. Although it has aided in the development of many local performers, the truth is that it is no longer a wholly American corporation. For more than a decade, a French corporation called Vivendi owned the bulk of the company. Still, it eventually agreed to sell its part to Tencent in the year 2020. The Shenzhen-based firm paid $33.4 billion for a 10 percent stake in Universal Music Group’s music industry.

WeWork

We are confident that you have noticed the increase in the number of shared workplaces in recent years. This setup is highly appealing to freelancers and small businesses. When WeWork first opened its doors a decade ago, it took advantage of this. It now has a total area of more than 4 million square meters! However, the company went through a difficult period in 2016 and required additional funding. When a Beijing-based corporation called Legend Holdings Corp. joined the company as a “new partner,” it invested more than $430 million in the venture. To put it another way, John Zhao of Legend Holdings Corp. went so far as to remark, “Our investment in WeWork is both strategically important and clear.”

Segway Inc

It was assumed that riding a motorcycle on two wheels was something out of a science fiction movie for many years. But things have changed dramatically in recent years. Segway Inc. has demonstrated to us that this is possible in the real world as well. 2015 saw the purchase of the transportation company by Ninebot, a Beijing-based company, for 80 million dollars. Since then, things have only gotten better for Segway, thanks to the Chinese company’s assistance in expanding the company’s presence in the worlds of technology and robotics. Announcing plans to relocate its manufacturing sector from New Hampshire to China in 2018, the corporation announced in 2018. In the end, the company retracted its statement and stated that the vast majority of production would continue in Bedford.

John Hancock Life Insurance

John Hancock Financial Opportunities is the brand name for various financial products that are available for purchase. No one can deny that the corporation is best known for its life insurance plans, and this is no secret. It has been in business since it was started in Boston in 1862 and is still going strong. In 2004, however, it was purchased by a Canadian corporation known as Manulife Financial. Although the new parent firm could have simply absorbed the John Hancock brand, it elected to preserve it under its former identity as a symbol of continuity. Manulife Financial is headquartered in Toronto and employs more than 34,000 people, including 63,000 agents that work for the company.

Sotheby’s

You might be startled to learn that a Chinese life insurance company was interested in acquiring a stake in a luxury art broker. Founded in London in 1744, Sotheby’s has been in business ever since. However, it finally launched a shop in New York City. From there, it expanded to build additional sites throughout the world. In 2016, a Chinese corporation known as Taikang Life Insurance Co. Ltd. announced that it had acquired a majority stake in Sotheby’s auction house for $1 billion. The company remained in this state until a French-Israeli businessman named Patrick Drahi purchased Sotheby’s in the year 2019. We do not know what will happen to the 13.5 percent share in the corporation held by a Chinese insurance group, though.

The Barclays Center

The magnificent Barclays Center is well-known to every sports fan or music enthusiast who has ever visited the city. The purchase of this iconic theater was completed in 2019 by a Taiwanese-Canadian business billionaire named Joseph Tsai. Aside from that, the chairman of the Alibaba Group purchased the Brooklyn Nets of the National Basketball Association. Back then, Tsai stated, “With full ownership of the Nets and Barclays Center, we will continue to provide our entertaining style of basketball to our fans.” “We’ve made a significant commitment to Brooklyn, and it will be a honor to offer the best of Barclays Center, with its fantastic entertainment, to our neighborhood,” he continued.

Brookstone Inc

Brookstone Inc. began as a mail-order firm in the mid-1960s, specializing in selling specialized and unique products. After some time, it began to sell various things, including alarm clocks, remote control toys, and other accessories. By 2018, the company had 34 sites around the United States. In 2014, however, the company had financial difficulties and was forced to file for bankruptcy. It was fortunate that two Chinese corporations, Sanpower and Sailing Capital, could save the company by purchasing it for 173 million dollars. We are grateful that they intervened at the appropriate time to prevent Brookstone from going bankrupt totally. Several months later, in July 2014, the corporation was able to emerge from bankruptcy, bringing much-needed relief to the public.

Dairy Farmers of America Inc

Who would have guessed that a firm with a name like the Dairy Farmers of America would be affiliated with a country as far away as China? Although it appears improbable, it is true! In 2014, the Inner Mongolia Yili Industrial Group partnered with DFA to build a new milk powder processing factory in Inner Mongolia. It occurred about the same time that China was unable to manufacture milk due to a drought in the neighboring country of New Zealand. This meant that the country’s food supply had been cut off completely. In an effort to counteract the problem, the Inner Mongolia Yili Industrial Group has increased its foreign footprint in recent years. Although it does not own DFA, the two companies are bedfellows.

Fab.com Inc

The reality is that any company operating in the online design market will encounter significant competition. Fab.com Inc. was formerly based in New York. Still, it has recently received a significant investment from Tencent Holdings, valued at approximately one billion dollars. Fab had previously stated that it wished to expand into the Asian market. According to CEO Jason Goldberg, “it’s a method to enter markets through strategic partners that can assist lower risk and raise the likelihood of success.” In 2015, a corporation called PCH International purchased the company, which had been in operation for two years. In the aftermath of this incident, the company has reinvented itself as a health brand that is focused on yoga gear.

The Cleveland Cavaliers

With the assistance of sponsors, the franchise in the NBA was able to make its debut in the league in 1970. Following that, the Cleveland Cavaliers continued to grow in the decades that followed it. It attracted support from companies such as Goodyear Tire and Rubber Company, among others. In 2019, however, they began to attract the attention of international investors as well. Earlier this year, the Cavaliers formed a partnership with a Chinese billionaire named Jianhua, who had previously worked with the New York Yankees and other professional sports clubs. According to reports, he invested in the NBA franchise by purchasing a 15 percent interest. There is no reason to be surprised, as receiving financing from overseas sources is not uncommon for sports clubs in general. This is also one of the reasons why LeBron James has such a large fan base in the People’s Republic of China!

Riot Games Inc

Riot Games is a name that will be familiar to everyone who has participated in the multiplayer online gaming phenomenon League of Legends. The game, which was first released in 2009, quickly gained a significant fanbase and eventually became the company’s most well-known product. Even though Riot Games has been collaborating with Tencent for a long time, their collaboration reached its zenith in 2015. The Chinese corporation acquired the remaining holdings in the company. It became the parent company of Riot Games as a result. It already controlled 93 percent of the gaming company before this event. With this in mind, we are under the idea that the new development was already a given at the time of publication. The company Riot Games is estimated to be worth $6 billion.

Uber Technologies Inc

Without Uber, it is tough for us to think about what our lives would be like today. The app allows users to hail a ride with the simple press of a button. In 2009, Travis Kalanick and Garrett Camp came up with the concept for the app. Since then, much progress has been made! It is now a multi-billion-dollar corporation that is well-known not just in the United States but also in other regions of the world. The year 2014 saw a Chinese internet business, Baidu Inc., invest more than $600 million in the hopes of assisting the company’s expansion into the Chinese market. It was a win-win situation because Baidu could leverage the app to expand its own mobile payment business, which was mutually advantageous. We are relieved that everything worked out!

OmniVision Technologies Inc

OmniVision Technologies Inc. and Will Semiconductor Co. Ltd. formed a collaboration in such secrecy that the general public did not learn of it until more than a year after it was created. When the story first surfaced in April of this year, they had already completed transactions totaling more than $2.1 billion. Because they kept things so low-key, we don’t know many of the specifics of what transpired throughout the transaction. However, we do know that OmniVision first began engaging with Chinese investors in 2015. This is the first time we’ve heard this. The event occurred when a group of Chinese corporations formed a joint venture to purchase the California-based company for $1.9 billion. People are still perplexed as to why a relatively obscure Chinese corporation such as Will Semiconductor Co. Ltd. decided to acquire the company.

Baby Trend Inc

Based in Fontana, California, this baby goods company offers a wide range of products, ranging from car seats to high chairs to diaper pails. After it was purchased by a Chinese business called Alpha Group, it continued to develop exponentially over the years. The Alpha Group’s Vice-President, Wang Jing, expressed his excitement at the prospect of providing safe, educational, and entertaining solutions to infants and their caretakers around the world. In addition to expanding our existing experience in the baby and infant sector globally, acquiring Baby Trend will allow us to integrate our unique technology and excellent intellectual properties into an entirely new category.

University of Texas MD Anderson Cancer Center

When it was revealed in 2012 that a Beijing-based firm called Concord Medical services had purchased a fifth of the University of Texas M.D. Anderson Cancer Center Proton Therapy Center, many people were perplexed. Although it had no impact on the university’s ownership stakes, the Chinese company’s profile was raised due to the incident. “Proton therapy has gained widespread acceptance as a type of radiation therapy,” Dr. Jianyu Yang noted. He serves as the medical chairman and chief executive officer of Concord Medical. It has been announced that Concord Medical intends to establish and operate two proton centers in China. This transaction will provide us with the opportunity to gather valuable experience and knowledge about the operations of a proton treatment center from the world’s leading provider of proton therapy cancer care.”

Hilton Hotels

Hilton Hotels & Resorts was established in 1919 by Conrad Hilton. In fact, it has been in business for more than a century now, which is quite an accomplishment. Hilton has grown from a handful of places to become a household name in a short period. It now has 586 hotels in 85 countries, a significant increase. With a purchase price of $6.5 billion, a Chinese aviation and shipping company known as HNA Group acquired a 25 percent stake in the hotel chain in 2016. It then became the company’s largest shareholder, surpassing the previous record holder. HNA had also purchased Carlson Hotels earlier in the year to expand its presence in the hotel business. When Hilton was sold to HNA, the company was valued at around 26 billion dollars.

Starplex Cinemas

The reality is that Starplex Cinemas was never able to achieve the same level of success as AMC. After all, the company only has 34 sites around the United States. Since it does not have a presence in many parts of the country, many people in the United States have never visited one of its theaters. AMC Theaters purchased the property for $175 million in 2015. AMC Classics locations were then established at the former theater locations. We’ve already informed you that AMC is now under the management of a Chinese conglomerate known as the Dalian Wanda Group. Since all of the Starplex theaters were converted into AMC locations, the company has faded into obscurity in 2017. Dalian Wanda Group and AMC have effectively taken it whole, as evidenced by this statement.

California Grapes International Inc

This one got its start as a small, family-owned business in the Californian city of San Jose. It used to be primarily concerned with wine distribution. However, after China Food Services Corp. acquired California Grapes International Inc., the company’s fortunes began to shift. Still, it has been forced to slip into obscurity as a result of the economic downturn. There has been no mention of the purchase’s total cost by either of the parties. What precisely is China Food Services Corp, a company that was established in 1992? As stated by the company, it is “involved in the marketing and distribution of food and beverages throughout Asia and the Middle East.” As part of its business, it owns and operates Golden Dragon Food & Beverage Import & Export Company of Hong Kong, Ltd.”

Fisher-Price

It has been in business since 1930 for this toy manufacturing company. Although Fisher-headquarters prices are in the United States, the company has several contracts with vendors in other countries. It also has 11 factories in China, which is a significant advantage. Fisher-Price was featured in the news in 2007 as a result of its parent company Mattel’s involvement. Several media outlets reported on the recall of a million toys manufactured in those factories, among other things. According to reports, these products contained excessive amounts of lead. Children’s health may be jeopardized by the presence of this material. Remember that the company’s primary product line is toys for very young children, so this was a particularly alarming development to discover.

Hush Puppies

The first time this footwear brand was exposed to the public was in 1958. Since the mid-1990s, it has been in serious trouble, but current chairman Geoffrey Bloom could turn things around. According to its website, Wolverine World Wide, the business’s parent company, markets and licenses the items in 120 countries, including the United States. The shoes, on the other hand, are manufactured in facilities located throughout the world. Although the company’s headquarters and plant are located in Rockford, Michigan, it reduces costs by outsourcing manufacture overseas. In addition, the company is well-known for using Scotchgard, a leather preservative that is used during the tanning process to make the shoes last longer. The shoes are manufactured at factories in countries such as Brazil, Vietnam, China, and others.

Gillette

When the subject of shaving razors is brought up, many people automatically think of the brand Gillette. It has been in operation since the early twentieth century in a factory in Boston, Massachusetts. The fact that a portion of the blade is manufactured in the United States is confirmed. The razors, cartridges, and handles, on the other hand, are manufactured in Brazil, China, Mexico, and Poland. However, as you will see from the website, the demand for these products has increased, necessitating the need for the company to expand. Gillette made an attempt to address market demands in 1992 by establishing a manufacturing facility in Shanghai. This has enabled the company to produce one billion razors per year, which is a record high.

Barbie

Ruth Handler created the first Barbie doll in 1959, which marked the beginning of the popular doll brand’s history. Even six decades after their introduction, these dolls remain extremely popular. Mattel, the firm that owns the Barbie brand, claims that it sells 58 million dolls per year! As a result, it sells more than 100 dolls per minute, on average. Mattel generates approximately $1.5 billion in net revenue per year. Was it known to you that there was no Barbie manufactured in the United States? The first one was established in Japan in 1959, at a time when the country was still recuperating from the effects of World War II. There are currently four plants in operation around the world, which are located in China, Indonesia, and Malaysia.

Huffy

It is pretty remarkable to learn that the bicycle supply firm has been in operation for more than a century. It was founded in Dayton, Ohio, and has since grown to include a number of subsidiaries. Companies such as Gen-X Sports, Royce Union, Huffy Bicycle Co., and American Sports Design Co. are among those named on the list. George Huffman started the company, which he called after an old moniker he used to go by. In late 1999, the company closed two of its operations in the United States and outsourced manufacturing to other countries overseas. The company currently has six manufacturing facilities in China, one in Taiwan and one in Mexico. Before this, the plants in the United States were located in the town of Celina, which is located in the state of Ohio.

Oakley Sunglasses

Oakley was founded by an entrepreneur named James Jannard, who began with a $300 initial investment. That it has subsequently grown into the legendary sunglasses brand that it has become is difficult to comprehend. Luxottica, a firm based in Milan, had previously bought the property. Despite this, Oakley continues to operate from its headquarters in Lake Forest, California. The company, which was founded in 1975, went public in 1995 and raised $230 million in its first public offering. Since then, it has expanded its product line to include ski goggles and chin guards, among other things. After selling the company, James Jannard decided to venture into a different field. He founded Red Digital Cinema in 2007 to serve that market.

Converse

Converse, well known for its high-top canvas shoes, was founded in Boston, Massachusetts, in 1908. When the Second World War broke out, the company had no choice but to halt manufacturing completely. During that period, the company produced shoes for the military. Once the war was finished, it returned and maintained some characteristics in its products. Converse’s fortunes altered dramatically after the company declared bankruptcy in 2001. In 2003, the athletic shoe giant Nike purchased the company to keep it viable. With a parent business that controls a large number of plants in China, it began to be made in other countries as well. Shoes are presently manufactured in India, China, Indonesia, and Vietnam, among other countries.

Nike

Nike, as previously stated, has a large number of manufacturing facilities outside of the United States. In fact, it is estimated that one out of every five pairs of shoes is manufactured in China! More than 210,000 people are employed by the athleticwear company’s contracts with 180 manufacturers in the country where it operates. This makes the country the second-largest Nike producer globally, trailing only Vietnam in terms of output. The corporation also outsources manufacturing to other nations such as Brazil, Japan, Sri Lanka, and Indonesia. The truth is that Nike has been attempting to reduce its manufacturing operations in China for some time. In 2012, one out of every three partnerships was created in that country, but the rate dropped to one out of every five. Nike, on the other hand, has never provided an explanation for this decision.

Levi’s

If you are contemplating the purchase of denim clothes, you should think about purchasing them from Levi’s Jeans. The corporation has stated that it has a net sales revenue of $5.76 billion per year. Its products were popular throughout the 1960s. The consumer base expanded beyond blue-collar workers to include people from other professions and industries. In the early 1970s, the corporation went public on the stock market. Since then, it has expanded its activities to more than 50 nations throughout the world. Almost all products are manufactured in countries other than the United States, including Italy, China, Japan, and other Asian countries. The 501 Jeans, on the other hand, are still made in a plant in North Carolina, according to the company.

American Girl

A new line of dolls from our company has become popular in the United States! Happen to own any old and antique versions of American Girl. You could be in line to receive thousands of dollars in compensation. Pleasant Rowland founded the Pleasant Company in 1998, which was responsible for the creation of these dolls. Initially, these products could only be purchased through the mail-order system. After buying the brand in 1998, Mattel made the toys more widely available to the general public, increasing their popularity. Demand grew, and as a result, there was an increase in production. Although the books are still manufactured in Wisconsin, the dolls are now manufactured in Germany. On the other hand, their accessories are manufactured in China and then shipped to Wisconsin, where they are assembled.

Chevrolet

Being one of the “Big Three” automobile manufacturers, Chevrolet is proud to point out that its products are manufactured in the United States. Although the automobiles are still constructed in the company’s plants in Detroit, the parts are sourced from China. More than half of the parts used in Chevrolet automobiles are sourced from other countries. Take, for example, the Chevrolet Silverado pickup truck. Only 46 percent of the parts are manufactured in the United States. With 51 percent of the market, the Chevrolet Colorado is a little more American. The Corvette is unquestionably the most American of automobiles! The company sells its vehicles in every country on the planet, except for nine. South Korea, sold under the “Daewoo Motors” name until 2011, is a significant market for these vehicles.

Radio Flyer

Radio Flyer, which has its headquarters in Chicago, is best known as the manufacturer of the red toy wagon. Additionally, it sells trikes, bicycles, ride-on, and toy horses, amongst other things. With over a century of experience in the sector, the company has maintained its headquarters in the exact location. A Chicago-based toy manufacturer claimed to be “a Chicago brand” in 2004. Tricycles, scooters, and a variety of other toys are manufactured in China by a company’s subsidiary. The only exception would be the red plastic wagon, which has always been manufactured in Wisconsin. A special wagon was built to mark the company’s 80th anniversary, which was the most giant wagon globally at that time.

Craftsman

Craftsman tools are available at various retailers, including Sears, Lowe’s, Walmart, Home Depot, and any other retailer that carries home improvement products. Even though it has manufacturing facilities in the United States, it also outsources some of its production to China and Taiwan. The parent company, which is now owned by Sears, had been the one to make this decision. Apex Tool Group manufactures the wrenches, ratchets, and sockets in China and Taiwan, respectively. On the other hand, Craftsman has a separate contract with a different tool manufacturing company, Western Forge, that produces different types of tools. Since this company manufactures the tools in the United States, the products are made in a cross-border fashion between Asia and North America.

Samsonite

When Jesse Shwayder began this luggage company in Denver, Colorado, back in 1910, he was a young man with a dream. It remained on the West Coast for 91 years before being forced to relocate across the country due to a transfer of ownership. Samsonite’s corporate headquarters are presently located in Mansfield, Massachusetts. The majority of the products, on the other hand, are genuinely manufactured in Europe and Asia! China, India, and Hungary are among the countries where the corporation maintains facilities. The Nashik facility in India is responsible for around 40% of the complicated baggage that it produces and sells worldwide. Aside from manufacturing and employment, this brand is also extremely popular in China when it comes to sales! Samsonite products are sold in China through contract manufacturers in the city of Shanghai, which accounts for two-thirds of total sales in the country.

Dell

We are confident that you have heard of Dell before, as it is one of the largest computer corporations on the face of the earth. Michael Dell founded it in the 1980s, although the company has since divided its production operations. All of the servers are manufactured in Austin, Texas. Although the laptops were previously manufactured in the United States, the company decided to outsource production overseas. The company presently includes factories in Brazil, China, Ireland, Malaysia, and Mexico and its headquarters in Michigan. The one in Limerick creates things that are made to order. When it first opened its doors in 2000, it garnered a great deal of media interest! It is actually one of the largest manufacturers in Ireland, with a floor space of 40,000 square feet and 23,000 employees.

Smithfield

If you are looking for pork-based items, you will not discover something that can beat Smithfield Foods. This company has been around since 1936, which was the year Joseph W. Luter and his son founded it. The business saw a steady development until it became one of the leading participants in the meat market, with more than 500 farms in the United States. In 2013, it was bought by WH Group for $4.72 billion. Back then, this was the most expensive purchase that a Chinese company made in America. Even if the HQ of the corporation remains in Smithfield, Virginia, the executive decisions are made in Luohe, Henan.

Holiday Inn

Holiday Inn had been little more than a solitary motel on the interstate between Memphis and Nashville nearly seven decades ago. When Kemmons Wilson had a negative experience while on a road trip with his family, he came up with a brilliant solution to the problem. Within a year of putting things in motion, he had already formed a partnership with Wallace E. Johnson to expand the number of outlets! The Intercontinental Hotels Group, an English corporation founded in the late 1980s, acquired the hotel chain in the late 1990s. Today, additional locations continue to open in cities and towns across the country and around the world! This property is still under the possession of IGH, indicating that it was a wise investment on their part.

Motorola

Motorola, which is most known for its technological goods, was founded in Schaumburg, Illinois, decades before the concept of mobile phones was even given to the public. Following its founding in 1928, the company had continuous growth until its success with flip phones and other similar devices reached the pinnacle of its success. The company was subsequently purchased by Google, but it was later sold to a Chinese corporation called Lenovo in 2014. Since Google bought the company for $12 billion two years before selling it for $2.9 billion, this did not prove beneficial for the company. Still, others are perplexed why Google appeared to be okay with losing $10 billion on this transaction, which occurred in 2011.

Burger King

When most people think of fast food, they automatically think of the United States. There are a plethora of locally owned and operated businesses, and Burger King is one of them. In 1954, David Egerton and James McLamore built the first “Insta Burger King” establishment in Miami, Florida, “Insta Burger King.” They had no clue that it would grow to be a well-known brand throughout the world. A decade later, they were able to sell the company for the first time ever. Since then, it has been owned by several different individuals. It is currently under the ownership of a Canadian corporation known as Restaurant Brands International. 3G Capital, based in New York City, continues to provide financial support to BK.

Lucky Strike

There’s a strong sense that Lucky Strike, commonly known as Luckies, is the most widely used cigarette brand in the United States. People smoked the product during the 1930s and 1940s because the company had a successful marketing strategy. This was one of the factors that contributed to the brand becoming the best-selling cigarette brand at the time. In 1976, the corporation began doing business with a company called British American Tobacco, which was based in the United Kingdom. The American Tobacco Corporation and its subsidiaries, Lucky Strike and Pall Mall, were purchased by the United Kingdom-based company in 1994. Although it has undergone a lot of transformations, it is still regarded as a distinctly American brand. This can be attributed to the fact that it is prevalent in popular culture. The brand was prominently featured in the television show Mad Men!

Budweiser

In terms of beers, some people believe that you can’t get much more American than this when it comes to drinking. It may have been confirmed in the past. Still, the truth is that this is no longer an American corporation, although it was started in Missouri and that the word “America” remains to be printed on the container. In 2008, this company was purchased by InBev, a Belgian beer behemoth, for 52 billion dollars. It may have had a solid connection to the United States in the past, but we can’t claim the same for its future. Regardless, we are grateful that the parent business did not make any changes to the original formula. It has precisely the same flavor as it did before!

Bloomingdale’s

Bloomingdale’s, a premium department store brand, with a long and profitable history dating back to 1861. However, it has come to light that they have been forced to close several of their outlets around the country. The reason for this is unclear, but it appears that the worldwide pandemic had a significant role. Bloomingdale’s issued a statement saying that by the end of 2021, many of its outlets will be permanently closed. Later, it was revealed that part of this procedure was due to the company’s three-year productivity improvement strategy.

Stage Stores

Stage Stores was a cheap department store chain that specialized in selling name-brand garments, cosmetics, accessories, and footwear at low prices. After a while, it became evident that they couldn’t compete with big-box retailers like Walmart and Target. Stage Stores filed into bankruptcy in May 2020, despite the fact that they appeared to be doing well financially.

DressBarn

DressBarn.com was an internet store that existed from 1962 until 2019. The store had around 650 outlets across the United States before announcing their final closure. They looked to be having financial difficulties at the time, which prompted them to close all of their stores. However, they continue to focus on more profitable brands like as Ann Taylor, Loft, and Lane Bryant.

Fred’s Inc

Fred’s Inc. was a discount retailer with over 400 stores that operated in over 15 states for over 70 years. Pharmacies were also featured. Fred’s said in July 2019 that over 100 locations would most likely close. Only a few months later, the bargain retailer issued another statement indicating that it was pursuing liquidation and would shortly liquidate all of its remaining locations.

Charming Charlie

Charming Charlie is a Texas-based women’s modern apparel and accessories shop founded in 2004. The company was recognized for selling a wide range of clothing, gifts, and beauty goods. Despite receiving the Accessories Council’s ACE Award for “Specialty Retailer” and being featured in Forbe’s Magazine, they filed for bankruptcy in 2019. However, this was the second time in two years that they had to close facilities, and they ended up closing roughly 250 of them.

Party City

Party City is an American party shop retailer that originally opened its doors in 1986. This store is located in Mexico, Canada, and the United States. The firm stated in May 2019 that at least 45 of its sites will be closed. This was to be done in order to assist other places become more successful. Party City announced plans to shutter a total of 21 shops in 2020.

LifeWay Christian

LifeWay Christian is a Christian publishing house that focuses on religion. They stated in 2019 that they would close all 172 of its locations by the end of the year. This was owing to their intention of transferring all of their items to an internet retailer. They further stated that the shutdown was mostly due to a significant decline in in-person purchases.

L’OCCITANE

L’Occitane was created in 1976 in France and is a well-known supplier of body, face, scent, and home goods. The firm has been selling premium goods to people all around the world for 45 years. Unfortunately, L’Occitane filed for bankruptcy in the United States at the beginning of 2021, with the goal of closing at least 23 of its 166 stores across the country. They claimed that the current global epidemic was to blame for the majority of their losses.

YouFit

Youfit Health Clubs was launched in 2008 and has since expanded to over 100 sites in 14 states throughout the United States. Unfortunately, YouFit declared bankruptcy in November 2020, claiming that COVID-19 had caused them significant financial losses. Following that, the firm stated that it had been sold to a consortium of former lenders in exchange for debt forgiveness.

MUJI

MUJI is a Japanese retailer that sells a wide range of consumer and home items. They first debuted in America in 2007, and have since added a few additional locations throughout the country. Muji USA, on the other hand, filed for bankruptcy in July 2020, claiming that the closures were due to the COVID-19 epidemic.

Fossil

Fossil is a fashion designer and manufacturer based in the United States that was created in 1984. Despite being extremely successful throughout the course of its 37-year history, Fossil recorded a large yearly loss at the end of 2020, notably in its fourth quarter, where it lost about $96 million. Despite significant setbacks, the firm still employs 364 people across the United States. Despite the fact that much of their transactions are conducted online, they have no plans to permanently close all of their locations.

Paper Source

Paper Source is a stationery and gift store based in the United States that provides bespoke invitations, greeting cards, presents, and more. The retail firm, which was founded in 1983, filed for bankruptcy in March 2021. However, it was revealed not long after that Paper Source had been sold to Barnes & Noble. This meant that 130 businesses and 1700 employees would be preserved. COVID-19, of course, was to blame for everything.

Goodwill

Unfortunately, Goodwill was forced to close for the entirety of the COVID-19 epidemic owing to the global pandemic. Not only that, but the charity resale business was forced to shutter eight sites and lay off around 60 staff.  “We have had to make a difficult decision for economic reasons,” said Mike Keenan, president, and CEO of Goodwill Industries of the Greater East Bay. “Our employees are our first priority, and we will continue to do everything we can to support them at this difficult time and fulfill the Goodwill mission in our remaining stores and facilities. Let’s hope things improve for them!

SEE Eyewear

SEE Eyewear is a well-known eyeglasses store that offers high-quality frames at a reasonable price. Unfortunately, they were compelled to close their single Canadian store forever. Things didn’t go as planned, despite their grand aspirations to expand across Canada. In addition, due to financial issues, SEE Eyewear may be forced to close its locations in the United States in the coming months.

Godiva Chocolatier

Godiva Chocolatier is a chocolate company based in Belgium. Due to a decline in mall sales, the firm stated in 2021 that it will close 128 locations in North America. COVID-19 was to blame for everything. Customers can still make purchases through Godiva’s website. This is what the company had to say, “Demand for the in-person shopping experience offered through Godiva’s brick-and-mortar locations has waned as a result of the pandemic and its acceleration of changes in consumers’ shopping behavior”.

Century 21

Century 21, a well-known department store, has been operational for around 60 years. It only had 13 sites in the United States at this time. And, despite its enormous popularity, the off-price clothes shop appears to be on the verge of going out of business. Unfortunately, Century 21 filed for bankruptcy in 2020, which resulted in the closure of all of these locations.Co-CEO Raymond Gindi blames insurance companies for the chain’s downfall in a statement, claiming that they “have turned their backs on us at this most critical time,” referring to the global epidemic.

After a short look at the various companies that have closed several stores last year, let us go back to our main topic and check out more companies that are no longer under American. We bet you would be surprised to find out that there are even more companies that are no longer under American management!

Strategic Hotels And Resorts

There are currently 17 luxury hotels in the United States and one in Germany under the ownership of this hotel brand. Founded in 1997, Strategic Hotels and Resorts is a family-owned and operated business. Laurence S. Geller, a philanthropist and real estate investor was the inspiration for the project. In 2016, it was reported that a Chinese corporation called Anbang Insurance Group was interested in purchasing it for $6.5 million. However, it appears that the contract was renegotiated in the end since the insurance firm was able to buy the hotel chain for $1 million less than initially agreed. That one of the properties was unable to be sold has anything to do with the situation. Because it was so close to a naval installation, the United States authorities prohibited it from passing through.

Citgo

Citgo, founded in Oklahoma in 1910, has grown into a significant marketer and refiner of fuels and other products. When a Venezuelan business called Petróleos de Venezuela purchased half of it in 1986, it became the company’s parent company, which it still is today. Unfortunately, things haven’t been going particularly well for it lately. President Hugo Chavez informed the world that he intended to divest himself of Citgo, claiming that the company was engaging in “poor business” as a result of declining profitability. The sale did not take place because they chose to sell bonds instead. A recession hit the South American nation in 2013, and the country was unable to recover. It was offered to Russia as loan collateral, but the future of the project is unknown.