Knight Ridder was my previous example of a liquidation, and it was still profitable, just not profitable enough. An investor bought a controlling stake, and sold the entire thing off and presumably will distribute the cash to the stockholders.

Corporate raiders (See: Carl Icahn) buy companies and sell off the individual parts for a sum total of more than the stock is worth. Generally this would involve splitting up a conglomerate and selling the various pieces to companies that would get greater value out of owning that piece than the conglomerate did.

Matthew