🐱 Salon struggling to pay its rent

http://nypost.com/2017/08/03/salon-struggling-to-pay-its-rent/

Salon, the struggling digital publisher, is having trouble paying its rent.

A landlord who late last year evicted Salon from its New York offices for nonpayment of $90,000 in back rent is now trying to force the digital publisher to pay more than $700,000 for the unused portion of a five-year lease that is slated to run through September 2019.

Salon had been paying over $300,000 a year to Vbgo Penn Plaza for offices at 31 Penn Plaza, near Madison Square Garden.

By the fall of 2016, according to a suit filed recently in Manhattan state court, Salon had already fallen behind in its rent covering the period from July 2016 to Sept. 30, to the tune of $90,565. Vbgo said it evicted Salon in December and now is trying to get the struggling Web media company to pay up for the rest of the lease.

Salon, which has since set up New York offices elsewhere in Manhattan, declined to comment.

 

[Ariel]

I can't wait for other leftist sites to blame Capitalism, Trump, and vast right wing conspiracies if/when Salon goes under.

Technically it is because of Trump. The front page has been non-stop Trump sperging for the last two years. I guess people just aren't that interested in reading what a 21 year old who uses Uber like a chauffeur thinks about evil Trump.

 

[El Garbage]

I decided to look up Salon's financial data. It's pretty damn dire stuff.

Spoiler: Economy atismu

:horrifying::horrifying::horrifying:. Current ratio below 1 is critically bad, quick ratio below 0.3 also.

Constantly in the red.

Interesting downward spike around Trump's victory. They probably had to pay off some liabilities or whatever.

Trump's America really fucked them over. Perhaps they were running on election campaign ad money. Constantly in the red, of course. No, they didn't make new investments at the time.

Operating margin -86%. That's impressive. Pro tip: the number should be positive.

Summary: unless they SHUT DOWN EVERYTHING and reform the entire company (sell pretty much all assets, close offices, massive layoffs, new payment models for employees), they're deader than the Clinton campaign. Even then it's hard to see how they could survive, they're not going to get a federal bailout like General Motors did.

 

[BF 388]

I decided to look up Salon's financial data. It's pretty damn dire stuff.

Spoiler: Economy atismu

Ver archivo adjunto 260606
:horrifying::horrifying::horrifying:. Current ratio below 1 is critically bad, quick ratio below 0.3 also.

Ver archivo adjunto 260611
Constantly in the red.

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Interesting downward spike around Trump's victory.


Ver archivo adjunto 260614
Trump's America really fucked them over. Perhaps they were running on election campaign ad money.

Ver archivo adjunto 260627
Operating margin -86%. That's impressive. Pro tip: the number should be positive.

Summary: unless they SHUT DOWN EVERYTHING and reform the entire company (sell pretty much all assets, close offices, massive layoffs, new payment models for employees), they're deader than the Clinton campaign. Even then it's hard to see how they could survive, they're not going to get a federal bailout like General Motors did.

This is the result of paying women equal wages.

 

[Alec Benson Leary]

Its pretty bad, but its getting worse. Brooklyn used to be heavily working class (Italian, Irish, Polish, Black) but now you can expect 2-3k rents with some of the shittiest scenery imaginable. Pay 2 grand and get a glorious view of the BQE and millennial heroin addicts panhandling down below to cars in traffic! All while living in a place that hasn't had the plumbing changed since 1947! Also the infrastructure there which can't support it. Now shit is being built in Long Island City, which has all of 1 subway to get into Manhattan, with apartments going for $3750 a month. Its fucking insane, I don't know who the fuck is stupid enough to buy this shit.

But yeah, Manhattan has always been terrible. But the fact that even the outer boroughs are getting more expensive is relatively new. Most of the people I know who live in Manhattan are in rent controlled. (One guy is paying $700 a month living in an apartment on Central Park West. I am surprised his landlord has not literally murdered him). Rents in that area start at like 3 to 4k and can be up to 26k. To be fair, his apartment is really small, but who cares for that price.

Don't forget that large parts of the island stink like garbage numerous times a week. Ahh, the glamorous city!

 

[El Garbage]

After a bit of extra digging at the murky depths of the Financial World (aka using Google and Wikipedia), I found out that Salon's been kept solvent by two guys since 2007: John Warnock and William Hambrecht.

Hambrecht doesn't seem to be doing too well, he's old as hell and can't keep his finances straight. Oh, and he was banned from the securities industry for a year. Perhaps he can't afford to pay millions of dollars every year to keep his daughter's pet project alive?

The end-of-year crash in net income was caused by a hedge fund basically taking over Salon. Warnock got kicked out stepped down at the same time.

We'll see how long Spear Point Capital is willing to pour cash in the endless drain that is salon.com.

This article is ironic btw

 

[Elwood P. Dowd]

I'll bet they find a sugar daddy. TYT just did...

...and they've got a fake black guy, an Armenian genocide denier and Ana, just being Ana. 'Course I'm not sure TYT has gone downt the pedo defender path, so there's possibly that in their favor.

 

[escapegoat]

Salon wasn't making money even before 2007. It has literally never been profitable.

 

[Coldgrip]

I'll bet they find a sugar daddy. TYT just did...

https://youtube.com/watch?v=rhx7IEV6uBk
...and they've got a fake black guy, an Armenian genocide denier and Ana, just being Ana. 'Course I'm not sure TYT has gone downt the pedo defender path, so there's possibly that in their favor.

Give it time. I'm sure Cenk or Ana will find a subtle, round about way of saying it isn't so bad when certain cultures do it, and by subtle and round about I mean Cenk bellowing it like a giant bovine and Ana screeching like a harpy.

 

[Internet War Criminal]

good

 

[Herbert Hoover]

Any company that can have all of their profit stopped with a free adblocker should go bankrupt tbh

 

[Kyria the Great]

Well you would think that this would be a perfect signal to them to leave the damn expensive NYC and move to someplace like Atlanta or even Nashville.
The only problem with that is that they would actually have to go places where even though they are liberal havens still have to converse with people that disagree with you. Well you would think in the world where Bottomfeeder (Buzzfeed) rakes in cash, TYT can make sweet and corrupt Kuwait money and Huffington Post with its rave ramblings are financially solvent would allow Salon to survive, but I guess not.

 

[Absolutego]

Any company that can have all of their profit stopped with a free adblocker should go bankrupt tbh

I'd say they should open a Patreon, but none of the glorified bloggers there have enough of a cult of personality to pull any funds that way.

 

[Jaimas]

A bit too late to pretend you give a shit now.

 

[TowinKarz]

LOL at white men alone being guilty of plunder.....

I guess the Mongols were white, by that logic....

 

[Dr. Boe Jangles Esq.]

A bit too late to pretend you give a shit now.

Wait, so what they've learned is that pandering to identity politics isn't an economically viable position for a business, because SJW's are almost universally poor as shit?
If only someone could've warned them about that....

 

[AnOminous]

Wait, so what they've learned is that pandering to identity politics isn't an economically viable position for a business, because SJW's are almost universally poor as shit?
If only someone could've warned them about that....

It certainly won't pay the rent in Manhattan.

 

[CatParty]

A bit too late to pretend you give a shit now.

They're not wrong

 

[Hyperion]

Til that New Yorkers pay $3500 a month to live in a rat infested shitpile and have the fucking nerve to be smug about it

That's Chris tier delusions, NYC.

 

[Somsnosa]

No matter who it is, you can never feel sorry for these bankrupsy/debt stories because it's all about a bunch of adults who can't do basic math. It's pathetic at best

 

[Ravenor]

Til that New Yorkers pay $3500 a month to live in a rat infested shitpile and have the fucking nerve to be smug about it

That's Chris tier delusions, NYC.

Same can be said for London.