Fifty years ago, when General Motors, Ford and Chrysler ruled the automotive world and Honda was best known for making portable generators, nobody would have predicted the sad fate of the great city built by the automobile, Detroit.
Now that the city has declared bankruptcy after a spectacular decline decades in the making, few would argue that this is an isolated case of municipal mismanagement, that what happened in Detroit couldn’t possibly happen elsewhere.
Almost a week after we learned designer Betsey Johnson would be featured in a new reality show, Betsey And Lulu, comes the announcement that the spritely 69-year-old’s fashion line has filed for bankruptcy. As a result, over 300 Betsey Johnson employees will probably lose their jobs. To top that off, most of Betsey Johnson’s 63 stores will close.
All is not lost, however. Ms. Johnson still has the eponymous show in the works (as far as we know) and according to Forbes, this certainly isn’t the end of the brand name:
Moments of absolute clarity are rare in politics. Governance usually is a muddle of compromises, short-term solutions and outright evasions. It isn’t pretty, but nobody ever said democracy was a work of art. Competing interests need to be satisfied; elections need to be won.
But every now and again, politicians and policymakers are confronted with a dilemma so profound and so frightening that the usual methods of operations can no longer apply.
Such a moment is here. State and local governments are on the verge of bankruptcy because of the spiraling cost of public employee pensions. The time for reform is now.
“I’m living the American dream,” socialite and self-proclaimed “Super Jew” Justin Ross Lee tells us after the New York Post ran a story about his bankruptcy filing yesterday. “You can’t be anyone in America until you’ve filed for bankruptcy. Trump, Lorenzo Lamas, Baldwin..they’ve all filed.”
A couple of weeks ago, The Observer peered at a single light burning at failed condo project One Madison Park and speculated that it must be quite lonely at the top. Today The Journal reports that it’s a veritable frontier up there.
The dozen buyers (nine of whom The Observer has been told have moved Read More
Earlier this month, St. Vincent’s announced its plan to hire CB Richard Ellis to market the eight buildings that make up its Greenwich Village campus. The announcement came as a slap in the face to Bill Rudin, the developer whose family firm had a deal to buy some of the properties from the hospital Read More
Turns out it wasn’t just idle threats and sewing-circle chitchat when bond insurer Ambac said a week ago that it may have to enter bankruptcy. The company today announced it had filed for Chapter 11 protection in the U.S. Bankruptcy Court in the southern district of New York.
Ambac said it was Read More
Municipal bond insurer Ambac Financial, a bellwether of the financial crisis back in 2007, when the whole mess was still just the subprime crisis, said today in a filing with the Securities and Exchange Commission that it has chosen not to make a regularly scheduled interest payment on some of its debt. The Read More
This morning David Carr takes a deep look at what has been happening inside the Tribune Company since Sam Zell took over at the end of 2007.
There has not only been cost-cutting and declining quality at the company’s newspapers (at The Chicago Tribune and The Los Angeles Times‘ circulation is down in Read More