Elevators are on a downer: Muzak files for bankruptcy.
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 pipeline of easy listening will continue to flow as Muzak restructures its debt during the Chapter 11 process, the company said. There could be an opportunity here.
"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.
According to Muzak's Web site.
Muzak creates sensory experiences that reach more than 100 million people daily. Some of the largest brands in business trust Muzak to enhance their brand image. Muzak creates an endless variety of music programming from a catalog of over 2.6 million songs and produces targeted custom in-store and on-hold messaging. Through its national service and support network, Muzak designs and installs professional sound systems, digital signage, drive-thru systems, commercial television and more.