What do Rayovac Batteries, Dingo Pet Products, Spectracide Bug Spray, and Remington Shavers all have in common?

Not much, other than that they’re all owned by the same parent company. The same bankrupt parent company, Spectrum Brands. As the company’s home page describes it, “Spectrum Brands is a global consumer products company and a leading supplier of batteries, lawn and garden care products, specialty pet supplies and shaving and grooming products.” Huh?

Not only is this a classic case of a lack of focus, Spectrum piled on the debt as it acquired this barnyard of brands. So not only was the company overextended, it was overleveraged–and overconfident in its ability to make it all work. As Spectrum reorganizes under Chapter 11 of the bankruptcy code, the company needs to figure out what it wants to be. It might start by slimming down.