The Economy Is Bad When Muzak Goes Broke
Feb 12th, 2009 by emerchant
You know the economy is bad when Muzak, the company that provides elevator music, goes broke.
In a move that could be shocking to some (but somewhat of a relief to all of us familiar with the ‘Girl From Ipanema’ being played on a cheap keyboard being played through cheap speakers), Muzack has filed for Chapter 11 bankruptcy.
After being $105 million in debt last month, their extension from U.S Bank NA ran out yesterday. And TheStreet.com is reporting that the total debt could be anywhere between $100 million to $500 million. Five hundred million dollars? Jesus. And I thought student loans were a bitch.