I wasn't referring to lifestyle businesses like you describe. I was referring to real companies with billion+ dollar valuations. Plenty of them fail (either reorg or liquidate), are bought and the products become useless etc.

Here is a list of 2012's bankruptcies by assets: http://www.turnaroundletter.com/largest-bankruptcies-this-ye...

There isn't a single "software" company on the list. Now, I also understand that software companies are not as asset intensive, but it is hard to know what companies are "large" after a bankruptcy since their market caps approach zero.

My point was specifically refering to real businesses, not lifestyle businesses.