BOSTON ( TheStreet) -- It doesn't take an auto-repair shop in an old Circuit City building or a "for lease" sign over the QuickDrop slot in an old Blockbuster storefront to remind consumers that even the strongest companies can be bowed by bankruptcy.

Blockbuster's video empire and A&P's ( GAP) nearly 150-year-old food retail business were among the businesses that declared bankruptcy this year, but were far from the only ones in financial peril. TheStreet took a look at some companies' recent struggles and identified 10 for whom bankruptcy may be beckoning, either next year or the not-so-distant future. Some balance sheets and share prices hide the pain better than others, but all of the following have fundamental flaws in either their business plan or management that lead to situations like A&P and Blockbuster's -- where what was unthinkable even five years ago may seem inevitable soon enough.

Borders ( BGP)
So let us get this straight: Your company's trading at just over a dollar a share on a good day, former CEO Ron Marshall found a gig at bankrupt A&P more promising and Borders as a whole has struggled through recent rounds of layoffs and at least 180 Waldenbooks store closures -- and shareholder William Ackman still thinks it would be a great idea to buy Barnes & Noble ( BKS)? That kind of ink-sniffing logic, and Borders' management's support of it, makes even the most patient reader want to flip to the end of this sad chapter. In multimillion-dollar debt, facing increasing e-book competition from Amazon ( AMZN), Apple and Google and watching its Kobo e-reader mire itself in fourth place or worse among competitors such as the iPad and Kindle, Borders and its shareholders can't honestly expect this literary megamerger to reach a promising conclusion when their company can't even read the writing on the wall.

Rite-Aid ( RAD)
Walgreens ( WAG) just took over Duane Reade and grabbed a huge foothold in New York, ever-expanding CVS Caremark ( CVS) sits at No. 18 on the Fortune 500 and Wal-Mart ( WMT) and its discount prescriptions continue to elbow their way into traditional health, beauty and pharmacy strongholds. How does primarily East Coast Rite-Aid respond? By cutting guidance, continuing losses that extend back to its 2007 purchase of Brooks Eckerd, giving up South Carolina locations to SuperValu's ( SVU) Sav-A-Lot stores and shuffling the deck chairs by moving Chief Operating Officer John Standey to chief executive and keeping former CEO Mary Sammons on as chairman. Though stock prices have rebounded from last year's low of 20 cents, Rite-Aid is still trading under a dollar as the company deals with crushing debt. Rite-Aid says it will fill fewer prescriptions than previously expected in fiscal 2011, which is just as well -- there doesn't seem to be any cure for what's ailing this company.

Time Warner ( TWX)
Time Warner may finally be atoning for the past after its split with AOL last year, but AOL's upward trajectory compared with Time Warner's uncertain and somewhat stagnant path has to be troubling for even the staunchest supporters of this media titan. DVD sales continue to suffer, streaming is cutting into Time Warner's take and while viewers wait for that HBO streaming venture, properties such as GE-owned ( GE) NBC, Fox and Disney-owned ( DIS) ABC's Hulu joint venture and Netflix continue to take turkey off of Time Warner's plate. Regardless of the might of current holdings such as HBO, Turner Broadcasting and Warner Entertainment, Time Warner still has billions worth of debt and that little Time portion that's turning into a big, paperweighted drain. Bankruptcy? Improbable, but not out of the question.

Barneys New York
One would have thought one bout of bankruptcy in the 1990s would have been enough, but this luxury clothing retailer's unrequited flirtation with profitability and high-profile shakeups in leadership don't exactly inspire confidence. New Chief Executive Mark Lee and new Executive Vice President Daniella Vitale helped Gucci weather economic instability by shifting its focus from superluxe to low-end, which is ostensibly the feat they're being asked to repeat at Barneys. The problem is that Barneys parent company Istithmar World Capital -- which is a branch of the Dubai government -- really wants to see a return on the $950 million it spent to keep Barneys afloat when it came aboard in 2007. Istithmar had to spot Barneys even more cash to fulfill shipping requirements late last year, though, and a rumored buyout by Canadian department store Holt Renfrew never materialized. Investor Ron Burkle took over half the company's debt and may be a potential buyer, but if Lee and Vitale can't turn things around, a second bankruptcy could be more costly than the wares on Barneys' floors.

Alcatel-Lucent: ( ALU)
Hey, remember when this company used to be innovative? Seriously, this company counts Bell Labs among its holdings and it's still getting its clock cleaned by the likes of Cisco ( CSCO) and Oracle ( ORCL)? Alcatel-Lucent's share price has dropped from $16 to less than $3 in five years and more than 20% in the past year alone. It is billions in debt and has nothing on the slate that's impressing anyone. Its management seems to know little about current technology and telecommunications and has reduced a once-brilliant company to a starving Tyrannosaurus dying with the rest of the dinosaurs.

Sirius-XM: ( SIRI)
Oh, the share price on your little transitional technology is up 130% this year? Here, have a cookie. We don't know why Sirius re-signed Howard Stern when it's much more fun to listen to pumping-and-dumping fanboys rattle on about doomsday royalty scenarios that will supposedly destroy Web radio services such as Pandora and Like.FM -- not when their own product hinges on sales by auto partners and the free trial memberships that go along with them. It's not good enough to say Sirius-XM has such unrivaled talk and sports lineups when any dope who knows how to download a podcast can get similar or better talk-radio content, and anyone with a smartphone or app-enabled MP3 player can access sports broadcasts directly from league or team sites.

Here's the truth: We're nearly a decade into this technology and the company that has the monopoly on it is billions in debt, is still at less than $1.50 per share and faces increasing competition from cloud-based Web newcomers such as Slacker radio that offer mobility without asking a listener to pay for proprietary product.

There's been good news for Sirius recently, including the recent jump to 20 million subscribers and some consistent profitability, but with a national audience that, even with trial members, is still less than that of Time Warner Cable, bankruptcy remains one of the choices on the dial.

Jamba Juice ( JMBA)
Jamba's losses aren't what they were a year ago, but they're still losses. An unexpected loss in the third quarter after a drop in revenue is typical of what Jamba's shown for the past year -- an erratic, unpredictable path that gave shareholders a 40% return last year, but nearly wiped it all out in 2010. Jamba's bottom line is being thinned out by pressure from a popular smoothie product at McDonald's ( MCD) and an economy that's been crushing smoothies, lattes and every other food product that once-conspicous spenders now deem non-essential. Sadly, Jamba's management hasn't ordered a brain-power stir-in shot to figure out a solution. A fairly one-dimensional business model hasn't helped matters as the life continues to be sucked out of this smoothie stand.

-- Written by Jason Notte in Boston.

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Jason Notte is a reporter for TheStreet.com. His writing has appeared in The New York Times, The Huffington Post, Esquire.com, Time Out New York, the Boston Herald, The Boston Phoenix, Metro newspaper and the Colorado Springs Independent.