02-11-2009, 05:04 PM
Who knew this could happen? It seems people just use their iPods at work rather than pay for the Muzak service. Once again, all hail Steve Jobs, the new Messiah.
CN Wrote:Muzak, the company that put pop, string-filled arrangements of rock songs in your elevator, filed bankruptcy papers Tuesday after it missed a $105 million payment to creditors.
The Muzak company is best known for background music piped into places such as elevators.
The pipeline of easy listening will continue to flow as Muzak restructures its debt during the Chapter 11 process, the company said.
"Muzak is a solid business with an outstanding customer base, but we are burdened with substantial debt obligations established over a decade ago," Muzak CEO Stephen Villa said.
Muzak's cash flows doubled in the last three years, Villa said, "demonstrating that our business continues to perform well even in today's challenging environment."
Along with its ubiquitous elevator offerings, Muzak and its 14 affiliates -- all privately owned -- produce on-hold messages and install sound systems, digital signs and drive-thru systems for retail businesses.
So much for the flickr badge idea. Dammit