Muzak Hits Sour Note
Feb. 13 2009, Published 11:52 a.m. ET
Will elevators around the world go silent for a minute to honor the bankruptcy of the company that puts the music in the lifts?
We don't know, but they may go silent for good now that Muzak has filed for bankruptcy. The company owes its largest creditor, U.S. Bank, $370 million and just missed a $105 million payment. In the filing, the company reported assets of $324 million and a debt of $465 million.
Headquartered in Fort Mill, South Carolina, the company employs some 1,750 people, has a catalog of 2.6 million songs and entertains (or annoys) 100 million people a day.
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