Photo: Getty Images
Shark Tank is responsible for some huge successes. Companies that made deals in the tank have gone on to be worth hundreds of millions of dollars. Bombas, Scrub Daddy, Squatty Potty and Tipsy Elves are just some of the brands that have exploded in popularity since appearing on the hit TV show. However, what you don't hear about as much are the companies that made deals but then wound up failing. That's what happened to one business that scored a deal in 2020 with Mr. Wonderful himself, Kevin O'Leary.
O'Leary's interest was piqued after Anthony Franco presented the sharks with his company, M.C. Squares, which sells Earth-friendly, reusable office products like dry-erase sticky notes that can be used over and over again. Franco was seeking $300,000 for 10% of his company, but made a deal with Kevin for $300,000 for 25%. O'Leary clearly wasn't put off by the fact that, while in the tank, Franco admitted to not being organized.
Well on December 22nd, M.C. Squares filed for Chapter 11 bankruptcy, citing $5.7 million in operating losses. According to Inside Startups, the business has $900,000 in assets but owes much more, including over $33,000 to O'Leary Productions. M.C. Squares plans to reorganize. O'Leary is yet to comment on the bankruptcy.
Previous Shark Tank deals that went bankrupt include Breathometer, which sold at-home blood alcohol level tests, and Toygaroo, which was dubbed the "Netflix of toys."