Born Again
Good businesses don't have to die just because they've gone hopelessly, out-of-control in debt. There is a place they can turn for redemption: the bankruptcy laws.
This past April, Paul Ginsburg was anxious and scared as he negotiated with Sterling National Bank. The 47-year-old president of Manhattan clothier Moe Ginsburg Men's Better Clothing needed to secure financing quickly. The third generation of his family to run a retail clothing operation in New York City, Ginsburg was coming off his worst year ever. His business was declining significantly.
18% was this year's first-quarter percentage increase in personal bankruptcies in the United States. SOURCE: The Orlando Sentinal |
Ginsburg had been hit with a triple whammy. The city's financial community had pared its wardrobe expenses last fall as dotcom shares crashed on Wall Street. To make matters worse, the sudden switch to business-casual dress policies at such stalwart suit-and-tie outfits as Morgan Stanley Dean Witter left him holding too much stock in tailored suits.
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