On Saturday, June 13, 2009, the Wall Street Journal reported that Six Flags filed for Chapter 11 bankruptcy protection. According the to the article, Six Flags is yet another victim of the deteriorating economy. I beg to disagree.
Just under a year ago, in early August 2009, the same newspaper reported that Six Flags management had a turnaround plan. I argued at the same time that the plan was poorly constructed and ignored too many of the economic realities of the parks and, especially, their patrons. I wish I were wrong – Daniel Snyder, among others, would have saved a lot of money, and many jobs would have been saved, since the restructuring is likely to lead to trimming and layoffs – but apparently we were right.