Muzak is discovering that blanketing public spaces with music isn’t as profitable as it used to be: The company has filed for Chapter 11 bankruptcy protection, thanks to some $100 billion million to $500 billion million in debt—including lots of money owed to various music-publishing concerns—and only about $50,000 in assets. [The Street via Gawker]
February 10th, 2009 // 3 Comments
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Million. $100 to $500 million. But the tag is hilarious.
$50,000 in assets? My uncle’s deli in the Bronx has ten times that!
I actually own a copy of that Grunge Lite album. It’s terrible.