(NEW YORK) Trump Entertainment Resorts’s bankruptcy filing is only the latest disappointment to attach itself to the Trump name, once a byword for luxury and high living.
Donald Trump, the real estate mogul who has splashed his name on everything from skyscrapers to bottled water, has suffered a string of recent reversals that threaten to dilute his cachet, say branding experts. His name, which he often licenses to real estate projects in which he has no direct control, has earned him millions.
‘His brand is associated with success and making money. And every time the word bankruptcy appears next to Trump, that’s not good,’ said Allen Adamson, managing director of Landor, a brand consultancy. ‘He can take a few chinks in the armour, but I think he’s probably at the limit.’
Famous for shouting ‘You’re fired!’ at the contestants who aspired to his tycoon status and lavish lifestyle on The Apprentice, his long-running reality TV series, Mr. Trump would never fire himself. But image watchers will be looking for signs that he may have lost some of his lustre, as the latest season of his show premieres on March 1.
Deutsche Bank Trust Co Americas, a unit of Deutsche Bank AG, is suing Mr. Trump for US$40 million, the personal guarantee he pledged as security on a US$640 million construction loan for the Trump International Hotel & Tower, according to lawsuits filed in New York Supreme Court in Queens.
He defaulted in November, arguing that he should not have to pay over US$330 million he owes because the world economic crisis constitutes a force majeure - equating it with war or an act of God. He also seeks US$3 billion in damages, according to court documents.
In Dubai, Nakheel, the property arm of Dubai Holdings, has postponed work on Trump International Tower and Hotel.
Similarly, Florida developers decided not to proceed with a Trump-branded project even after they paid US$2.84 million plus half the net sales to put his name on it.
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Bankrupt charge stains Trump name
Reuters
19 February 2009
(NEW YORK) Trump Entertainment Resorts’s bankruptcy filing is only the latest disappointment to attach itself to the Trump name, once a byword for luxury and high living.
Donald Trump, the real estate mogul who has splashed his name on everything from skyscrapers to bottled water, has suffered a string of recent reversals that threaten to dilute his cachet, say branding experts. His name, which he often licenses to real estate projects in which he has no direct control, has earned him millions.
‘His brand is associated with success and making money. And every time the word bankruptcy appears next to Trump, that’s not good,’ said Allen Adamson, managing director of Landor, a brand consultancy. ‘He can take a few chinks in the armour, but I think he’s probably at the limit.’
Famous for shouting ‘You’re fired!’ at the contestants who aspired to his tycoon status and lavish lifestyle on The Apprentice, his long-running reality TV series, Mr. Trump would never fire himself. But image watchers will be looking for signs that he may have lost some of his lustre, as the latest season of his show premieres on March 1.
Deutsche Bank Trust Co Americas, a unit of Deutsche Bank AG, is suing Mr. Trump for US$40 million, the personal guarantee he pledged as security on a US$640 million construction loan for the Trump International Hotel & Tower, according to lawsuits filed in New York Supreme Court in Queens.
He defaulted in November, arguing that he should not have to pay over US$330 million he owes because the world economic crisis constitutes a force majeure - equating it with war or an act of God. He also seeks US$3 billion in damages, according to court documents.
In Dubai, Nakheel, the property arm of Dubai Holdings, has postponed work on Trump International Tower and Hotel.
Similarly, Florida developers decided not to proceed with a Trump-branded project even after they paid US$2.84 million plus half the net sales to put his name on it.
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