NEW YORK ( CNBC) -- After nearly a nine-decade run, the "Breakfast of Champions" is on the ropes. Sales of Wheaties are down double digits for another year and the tailspin shows no signs of stopping. A brand that, in the 1960s, accounted for 6.5 percent of all of the cereal sold in the United States, now only has slightly more than 0.5% of the market. "Wheaties had a clear brand identity," said Lloyd Moritz, who, as editor of The Breakfast Bowl, a blog dedicated solely to cereal, just might be the nation's foremost expert on the topic. "The problem was they rested on their laurels."
By Darren Rovell, CNBC Sports Business Reporter
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