Defunct

No longer funct. Or funk'd.

What do The Sharper Image, the Palm Pilot, Steve and Barry’s, the TV series revival of Murphy Brown, the Italian lira and Tower Records all have in common? They are all defunct, i.e. out of business, ceased operations, closed down, kaput, ceased to currently exist in continuing form, etc.

Companies become defunct when they are acquired and dissolved with their assets transferred elsewhere, when they dwindle away due to lack of business, or when they are shut down for violations of the law. Brands and shows become defunct when they are not renewed, or no longer continue making products. Currencies become defunct when their governments replace them with other currencies, such as when the euro replaced the Deutsche Mark, franc, peso, etc.

Public companies that become defunct can still technically trade unless the shares are de-registered. Often times, these “shell” companies are maintained by controlling shareholders for the purpose of resale to enact a reverse merger.