Bubble, Bubble, Credit Trouble

Bubbles have burst in housing and credit. Now even Mr. Bubble is hustling to avoid being popped by the economy.

The owner of the children's bubble bath, Ascendia Brands, a health and beauty products maker, has filed for Chapter 11 bankruptcy protection in Delaware.

Developed by Harold Schafer, a North Dakotan businessman, Mr. Bubble made its debut in 1961. It was famous for its ad slogan "Makes getting clean as much fun as getting dirty" and for its claim that it left no bathtub ring. Those of a certain age may remember commercials like this:

The image of Mr. Bubble has also had a second life on t-shirts.

The woes of Mr. Bubble's parent are tied in part to a bursting of a bubble. The company, based in Hamilton, New Jersey, cites "financial pressures from tightening credit markets" as well as the impact from its relaunch of the Healing Garden brand.

Ascendia, which also owns the Calgon, Bianca, and Baby Magic brands, says it is seeking a buyer for the company.

That could mean the sixth owner of Mr. Bubble since 1986. For iconic brands, deal makers are forever blowing bubbles.