16436: WeWork Will Work For Food…

The New York Times reported WeWork is no longer working, prompting the real estate company to file for bankruptcy. The story included the following:

 

“WeWork’s stock has fallen more than 98 percent since the start of the year, and the company was valued at less than $45 million as of Friday. At its peak, in January 2019, the company was worth around $47 billion.”

 

Gee, WeWork peaked around the time that former Publicis Groupe CEO Maurice Lévy assumed the role of Chief Marketing Officer for the enterprise—a stint that lasted barely three months. At least the company had enough sense to evict Lévy. And coincidentally, Publicis Groupe is seeking to dump lots of leases for office space right now.

 

12463: RadioShack + Sprint = Failure.

The New York Post reported RadioShack is filing for bankruptcy, closing half its stores and teaming up with Sprint to keep the remaining stores open. Um, a partnership between RadioShack and Sprint is like a Republican presidential ticket featuring Mitt Romney and Sarah Palin. Or a Dumb and Dumber sequel. Or the next Draftfcb. Or a Frobinson and Shirato family reunion. Hell, the comparisons could go on forever.

RadioShack ‘Sprints’ toward bankruptcy

By James Covert

RadioShack is finally about to blow its fuse.

The flailing electronics chain is nearing a bankruptcy filing — perhaps as soon as this week — that will close nearly half its stores while keeping the rest open in a partnership with telecom giant Sprint, sources told The Post.

The Chapter 11 filing is expected to be packaged with an agreement for Sprint to take over the leases of between 1,800 and 1,900 locations, according to sources — less than half of the more than 4,000 currently in operation.

Under terms recently being negotiated, those locations would be dual-branded under both the Sprint and RadioShack names, according to a source briefed on the discussions.

The rest of the 94-year-old retailer’s locations will be shuttered — with the exception of between 200 and 400 stores, according to a source. Those will be kept open as standalone RadioShack stores, although they won’t sell mobile phones and contracts.

Under the terms of the bankruptcy, Sprint’s proposal will likely take the form of a “stalking horse” bid for the chain, with rivals getting the chance to submit offers, sources said.

RadioShack is meanwhile expected to get $275 million in debtor-in-possession financing, consisting of $25 million in new funds plus the company’s existing $250 million in first-lien debt, according to a source.

“RadioShack’s not going away, it’s going to be shrunk,” according to one insider. “The idea is to bring RadioShack back to where it was 15 or 20 years ago and just sell electronics.”

RadioShack has taken a beating from brutal competition in the wireless market. In addition to big-box retailers like Best Buy and Walmart, RadioShack has been pummeled by the rapid retail expansion of wireless carriers like Verizon, AT&T and Sprint.

Last month, Sprint CEO Marcelo Claure signaled 2015 “is a year in which we intend to grow our distribution dramatically.” Claure said, “You are going to see the opening of more and more Sprint stores as this is one area that we work on.”

11720: Not A Great Day For Honda.

Automotive News reported Honda had to revise a new Civic commercial after people took offense to scenes of protesters marching in front of a federal court building in the bankrupt city of Detroit. Longtime AOR RPA is apparently responsible for the spot—and after having survived a pitch that saw the Acura business reassigned to Mullen in Boston. Gee, there used to be a time when RPA produced breakthrough and award-winning work for the automaker. Actually, the time spanned over 25 years or so.

Honda tweaks national Civic ad that spotlighted Detroit’s ‘pain’

By Sean Gagnier, Automotive News

DETROIT—Honda Motor Co. has tweaked a national commercial for the Civic compact after the original spot caused an uproar in Detroit for featuring images of protesters outside of a federal court in the bankrupt city.

The spot, created by Honda’s chief advertising agency, RPA in Santa Monica, Calif., overlaid images of the bankruptcy court and protestors outside a federal courthouse in Detroit over a blues singer before moving on to show more positive images.

The commercial, entitled “Today Is Pretty Great,” began airing Jan. 8.

While the protestors and court are unrecognizable to most viewers, some Detroiters immediately identified it as the city’s Theodore Levin U.S. Courthouse.

In the updated spot, Honda removed footage of the courthouse and protesters.

The court shown in the original commercial is hearing arguments in the city of Detroit’s bankruptcy case.

The city, owing billions of dollars to creditors and faced with a slumping tax base and steady population losses, filed the nation’s largest municipal bankruptcy case in July 2013.

City employees and retirees face the prospect of wage, benefit and pension cuts as part of any bankruptcy settlement.

The Detroit News published a story on Friday about the commercial and the negative response it was receiving in Detroit. Just hours later, Honda officials told the newspaper that they would be removing the images of protestors.

“The slight change we made to the commercial simply reflects our desire to remove anything that would get in the way of our uplifting message,” Honda spokesman Steve Kinkade told Automotive News on Saturday. “The original commercial obviously was not intended to represent Detroit or the challenges experienced by the city, its people or our industry.”

The Rev. Charles Williams II, president of the National Action Network’s Michigan chapter, told the News that the original ad was a slap in Detroit’s face.

“They’re using our pain for their pleasure to promote Japanese automobiles while we are suffering in part because of the decline of American automobiles from foreign automakers,” Williams told the paper.

Kinkade said the spirit of the commercial was intended to serve as a positive expression for everyone and the “incredibly positive response” it has generated reflects these intentions.

“Honda has operations and personnel in the city of Detroit and elsewhere in the metro Detroit area and we continue to be actively engaged in a variety of community outreach activities in the city,” Kinkade said. “We’re pleased Honda is playing a role in the continued comeback of the city.”

11635: OOH-No!

Facing foreclosure? Dance your debt away!

10744: Hostess With The Mostess Debt.

From The New York Post…

Hostess going out of business

From ASSOCIATED PRESS

IRVING, Texas — Hostess Brands says it is going out of business, closing plants that make Twinkies and Wonder Bread and laying off all of its 18,500 workers.

The Irving, Texas, company says a nationwide worker strike crippled its ability to make and deliver its products at several locations.

Hostess was planning to ask a court for permission to shut down its money-losing business this morning, The Post exclusively reported.

Hostess had warned employees that it would file a motion in US Bankruptcy Court to unwind its business and sell assets if plant operations didn't return to normal levels by Thursday evening.

The bankrupt maker of Twinkies and Wonder Bread, under plans that could still change, had planned to ask Bankruptcy Court Judge Robert Drain for a Monday hearing to start shutting down the business, two sources close to the situation said.

If it gains court approval, Hostess would start liquidating during the last week in November, the sources said.

A Hostess spokesman declined comment.

Hostess is seeking a shutdown of the money-losing business after members of the Bakers Union started striking this week.

The thinly capitalized company cannot afford such a disruption.

Meanwhile, Hostess is being hurt on another front: a sizable customer, Costco, in the last few days booted Hostess’ hamburger and hot dog bun lines at nine locations, mainly in Long Island, in favor of Schmidt Baking Co.’s Blue Ribbon Bread, two sources close to that situation said.

Once a baker loses shelf space to a rival, it will likely not win it back, the sources said.

Hostess is not filling shelves at a crucial retail period. Thanksgiving week is considered one of the biggest of the year in the baking industry.

“There have been a lot of questions raised among customers that are very nervous,” a Hostess source said.

Walmart, which represents perhaps 40 percent of Hostess’ business, is weighing giving Hostess the boot to avoid the risk of having empty shelves, sources said.

Last month, bankrupt Hostess won court approval to impose a new contract on its workers that contained an 8 percent pay cut and slashed health benefits by 17 percent.

If Hostess liquidates, it is likely that competitors would buy the best brands — but not keep the plants or Hostess’ 18,000-plus workers, a source close to the situation said.

Additional reporting by Josh Kosman

10465: More Mark LaNeve LaBullshit.

Advertising Age reported fresh details on former General Motors Liar/new Team Detroit CEO Mark LaNeve. According to the article, within an hour of signing his contract, LaNeve bought a white 2013 Ford Explorer. Not sure if there is symbolism behind the color. LaNeve probably views himself as a white knight; however, he’s just a typical corporate White man. The purchase undoubtedly lifted the morale of his agency’s staff. There’s nothing like seeing the new boss shower himself with expensive gifts.

The piece also revealed that LaNeve landed his position at Team Detroit after first emailing his resume directly to Ford. The executives at Ford didn’t have any openings for LaNeve, but they told Team Detroit CEO Satish Korde to call the jobseeker. The buddy system is alive and well in the auto and advertising industries.

The funniest line in the article: Ford is banking on Mr. LaNeve’s luxury car experience. Um, the last car company to employ LaNeve went bankrupt.

It should be interesting to see how LaNeve partners with Ford’s minority advertising agencies. After all, the man fired GM’s minority shops—handing the work over to White agencies—despite publicly fibbing that such a move would never happen. Hey, he could duplicate the scheme at Team Detroit under the guise of creating cross-cultural capabilities.

Throughout the interview, LaNeve sounds more like a client than an adman. Honestly, is the moron really qualified for the role? The guy has spent his entire career telling agencies what to do. What happens when Ford brand managers instruct him to kiss their asses? Can’t help but think that LaNeve joining Team Detroit will lead to a total car wreck.

LaNeve’s First Task for Ford: Revitalize Lincoln

Agency, Marketer Banking on His Luxury Experience

By Jamie LaReau

Mark LaNeve’s first priorities with Ford Motor Co.’s ad agency are to build its global dealer advertising groups and help revitalize the Lincoln luxury brand.

The former General Motors marketing VP accepted the job of chief operation officers at WPP Global Team Ford on July 31. An hour after signing his contract, Mr. LaNeve said, he bought a white 2013 Ford Explorer with a black interior.

On Aug. 20, his third day on the job, Mr. LaNeve, 53, spoke to Automotive News about moving to the agency side of the business.

His duties include running the daily operations of WPP Global Team Ford, Ford’s worldwide ad agency. That means working with Team Detroit plus Ford’s agencies in London, Brazil and Shanghai, and the Lincoln agency in New York. Mr. LaNeve will meet with Ford’s dealer marketing groups and eventually help build dealer advertising groups in Asia.

“Asia’s going to be a huge opportunity as our business grows, not just on the brand side and launch but on the dealer side,” he said.

Mr. LaNeve started his career at GM, then took a detour to Volvo Cars of North America in 1997, where he was VP-marketing and later CEO. Volvo was then owned by Ford. He returned to GM in 2001 as head of Cadillac and later becoming the North American sales and marketing boss.

In 2009 he became chief marketing officer of Allstate Corp. in Northbrook, Ill., where, among other things, he oversaw the popular “Mayhem” advertising campaign.

Mr. LaNeve left Allstate in February and in mid-May emailed his resume to Mark Fields, Ford’s president of the Americas.

“I was contacted by a couple of other car companies, but Ford is the only one I reached out to,” Mr. LaNeve said.

There was no opening at Ford, but Mr. Fields and Jim Farley, Ford’s marketing chief, gave Satish Korde, Team Detroit’s CEO, the green light to phone Mr. LaNeve. Mr. Korde had been looking for help to handle the agency’s largest client, Ford.

“Mark brings this unbelievable knowledge of an area which we don’t directly get involved in, and that’s going to educate all of my team,” Mr. Korde says.

Ford is banking on Mr. LaNeve’s luxury car experience.

Mr. LaNeve is credited with reviving Cadillac in the early 2000s. Ford wants to rebuild Lincoln with improved products and marketing. Mr. Korde says a new Lincoln ad campaign will be released in November to launch the redesigned 2013 MKZ sedan.

But Lincoln faces challenges that are different from those Cadillac faced a decade ago, Mr. LaNeve said. Today’s light-vehicle market in the United States is smaller than the 17.2 million units sold in 2001. It’s more competitive, and the digital, viral flow of information is much different, he said.

“It’s a different environment, but Ford has a plan for Lincoln that includes a new design language with one product after another over a period of years,” Mr. LaNeve said. “I’m going to learn about it and see how I can contribute.”

Jamie LaReau is a reporter for Automotive News

9702: Black Bankruptcy Bias…?

From The New York Times…

Blacks Face Bias in Bankruptcy, Study Suggests

By Tara Siegel Bernard

Blacks are about twice as likely as whites to wind up in the more onerous and costly form of consumer bankruptcy as they try to dig out from their debts, a new study has found.

The disparity persisted even when the researchers adjusted for income, homeownership, assets and education. The evidence suggested that lawyers were disproportionately steering blacks into a process that was not as good for them financially, in part because of biases, whether conscious or unconscious.

The vast majority of debtors file under Chapter 7 of the bankruptcy code, which typically allows them to erase most debts in a matter of months. It tends to have a higher success rate and is less expensive than the alternative, Chapter 13, which requires debtors to dedicate their disposable income to paying back their debts for several years.

The study of racial differences in bankruptcy filings was written by Robert M. Lawless, a bankruptcy expert and law professor, and Dov Cohen, a psychology professor, both with the University of Illinois; and Jean Braucher, a law professor at the University of Arizona.

A survey conducted as part of their research found that bankruptcy lawyers were much more likely to steer black debtors into a Chapter 13 than white filers even when they had identical financial situations. The lawyers, the survey found, were also more likely to view blacks as having “good values” when they expressed a preference for Chapter 13.

“Unfortunately I’m not surprised with these results,” said Neil Ellington, executive vice president of Consumer Education Services, a credit counseling agency in Raleigh, N.C. “The same underlying issues that created the problem in mortgage lending, with minorities paying higher interest rates than their white counterparts having the same loan qualifications, are present in all financial fields.”

The findings, which will be published in The Journal of Empirical Legal Studies later this year, did not suggest that there was any obvious evidence of discrimination in the bankruptcy process. “I don’t think there is any overt conspiracy,” Professor Lawless said. “But when you have a complex system, these biases can play out and the people within the system don’t see the pattern because nobody is in charge of looking at these big issues.”

Read the full story here.

9635: More Meat On Moo & Oink Story.

From The Austin Weekly News…

Minority firm buys Moo & Oink brand

Stores remain unsold but product to live on

By La Risa Lynch, Contributing Reporter

Moo & Oink, the shuttered retail meat company, will live on in name only as a minority owned company acquired the former store’s brand and other intellectual property for $530,000 during a public sale of the 30-year-old company last week.

Robert Beavers, chairman and CEO of Best Chicago Meat, purchased Moo & Oink’s iconic logo, name, website, catchy commercial jingle as well as the company’s recipes for several of its meat products. Best Chicago Meat, 4649 W. Armitage Ave., makes several well-known local meat products, including Jemm burger and sausage, Red Hot hotdogs and Scala’s, Italian meat and seasoning products.

“We are extremely proud to have Moo & Oink join our stable of brands,” Beavers said. “It’s a brand that is very well-known in the African-American community. Now it will be truly a minority owned.”

Beavers and his partner, Dave Van Kampen, were the highest bidders at the public auction held at 111 S. Wacker. The auction only attracted a few bidders. The opening bid started at $100,000. There were no bids to purchase Moo & Oink’s three city stores and its south suburban Hazel Crest location.

Beavers said competition from big box retailers made it prohibitive for them to purchase all the stores. He said many of the big boxes want to come into areas that are food deserts, an area where Moo & Oink was once the only shopping option. Food desert is a term that describes an area that lacks mainstream grocery stores.

Beavers said he has high hopes for the brand. The company wants to produce other products, such as barbeque sauce or seasoning that could carry the Moo & Oink brand. These products would be sold in retail stores.

The company also hopes to expand the brand’s reach outside of Chicago, targeting cities with high black population like Detroit, Birmingham, Memphis and Atlanta. Moo & Oink’s predecessors wanted to expand to those cities before its financial woes.

Van Kampen said the expansion into other markets is doable because of the Levy family’s efforts in growing the brand over the years. The Levy family operated Moo & Oink retail stores for years.

“I think they … (created) a great foundation and now we want to take it further … move it beyond this region,” said Van Kampen, president and COO of Best Chicago Meat.

An involuntary bankruptcy claim by Moo & Oink’s employee pension fund forced the company’s auction. The pension alleges Moo & Oink owes employees $3 million, a claim which the company denies.

The auction garnered $530,000 for the intellectual property and $68,000 for the furniture, store fixtures and equipment, including countertops, meat processing equipment and freezers.

The auction bought in a fraction of what is owed to First Midwest Bank, Moo & Oink’s largest creditor. Courtney Barr, an attorney for the bank, said the auction generated $598,000. The bank is owed $5.5 million.

Barr said the bank is “still in the hole for a significant amount.” She hopes the sale of Moo & Oink’s four real estate properties would make up the difference. The bank plans to use a real estate broker to put the properties up for sale in the spring.

Financing prevented another minority investor group from bidding in the auction. Attorney Exavier Pope, of The Pope Firm, which represented the group, said he was not surprised that another minority company bought Moo & Oink. He said his group stressed that Moo & Oink “needs to be African-American owned because it had African-American consumers.”

His group’s initial interest to purchase all the stores was to save jobs and preserve food shopping options in low-income communities. Pope said his group did not bid in the auction because they were unable to get their financing in on time. Pope said it was disheartening that no one attempted to save the business.

“That’s a travesty,” he said.

Several employees were on hand to watch the auction’s outcome. Ronald Raddle, 51, of West Englewood, hoped the company would be sold in tact to keep employees’ jobs.

Raddle, a Moo & Oink butcher for 18 years, said it has been hard finding work since grocery stores are carrying more packaged meats.

“I got to find something else,” he said. “I can sweep, wipe windows. I will do anything to put food for my family on the table.”

9592: Moo & Oink & Sold.

From The Chicago Sun-Times…

Best Chicago buys Moo & Oink brand in auction

By Sandra Guy

Best Chicago Meat Co. emerged as the winner in a bankruptcy auction Wednesday for the Moo & Oink brand, bidding $530,000 for the intellectual property — such as the Moo & Oink characters, web site and product recipes.

The buyer, based at 4649 W. Armitage Ave., is African-American owned. Robert (Bob) Beavers, the chairman and majority shareholder, said the business plans to reinstate the Moo & Oink products in the Chicago market, then test markets in Detroit and Birmingham, Ala., and look into taking the brand to Atlanta and Memphis, Tenn.

Best Chicago may expand the brand to new products, such as barbecue sauce, seasonings and even vegetables, said Dave Van Kampen, president and chief operating officer.

Bidding started at $100,000.

Moo & Oink was offered at auction as a whole and in pieces. Fixtures and equipment sold for a combined $68,000 to two liquidators that planned to sell the items at a public auction, probably in late January. No one bid on the real estate that were the company’s four stores.

Courtney Barr, lawyer for the main creditor, First Midwest Bank, which is owed $5.5 million, said she hopes real estate brokers will sell the properties this spring and raise some cash for creditors. She said one national retailer had taken a close look at buying the Moo & Oink real estate, but didn’t bid.

Moo & Oink had stores on the edges of the city’s so-called “food desert,” and so had drawn interest, Barr said. The Chicago stores were at 7158 S. Stony Island, 4848 W. Madison and 8201 S. Racine, and the chain also was at 3330 W. 183rd St. in Hazel Crest.

Exavier Pope, a lawyer representing two African-American investor groups, said he has talked with parties that are interested in buying the Stony Island and Madison properties.

A bankruptcy judge put Moo & Oink, 150-year-old meat retailer, up for auction on Nov. 14 after insisting that the sale be widely publicized and open to the public. Creditors had forced the company into Chapter 7 bankruptcy liquidation in late September.

Moo & Oink’s demise put 200 employees out of work on Sept. 9 after it closed its stores and its e-commerce and wholesale operations. The employees received no severance benefits.

A holding company Beavers controls said it may hire some of the former Moo & Oink employees for certain operating units, including Best Diamond Plastics, Best Diamond Packaging and Best Croutons. The company’s web site said those divisions primarily sell products to McDonald’s, Burger King and other fast-food outlets.

Beavers is a former member of McDonald’s Corp.’s board of directors.

Moo & Oink’s business income had dropped to $18.9 million while it operated in 2011, compared with $29.2 million in 2010 and $39.3 million in 2009, court documents show.

Its top 20 creditors are owed a collective $6.4 million.

Mary Steele, who represented the former employees throughout the process, said she wished that the company could have been sold as a whole. “But I’m OK with it. God is still good,” she said.

Ricky Jones, a Moo & Oink driver for 25 years, said, “I am disappointed. I have no job and I still have a family to feed.”

Mari Gallagher, a Chicago consultant who has led research into the availability of groceries in the city, said that retaining a business presence at the Moo & Oink locations in Chicago “is crucial if we want to continue making progress in shrinking the food desert.”

9171: Michele Bachmann Is Morally Bankrupt.

Despite her positions on the debt ceiling, it looks like Rep. Michele Bachmann is endorsing the option of bankruptcy.

9053: Buh-Bye, Borders.

Top Ten Things Chicago Won’t Miss About Borders on State:

10. Self-service search computers with defective keyboards.
9. Items listed as “Likely In Store”—but never in the places indicated.
8. Rewards Program with no rewards.
7. Store managers who can’t manage the staff or the store.
6. 5:1 ratio of slacker employees aimlessly walking the floor versus manning the registers.
5. Employees with attitude—and without aptitude for books.
4. Fly-covered bakery selections in cafe.
3. Homeless people sleeping in aisles.
2. Men’s restroom that even the homeless people avoid.
1. Mysterious carpet stains.

9033: News From The Borders.

Closing the books with a MultiCultClassics Monologue…

• Borders will shut down all remaining stores after failing to find a buyer willing to keep the bookseller in business. The numbers total about 400 stores and 11,000 lost jobs. It’s yet another reason for that annoying commercial chick to get a Kindle.

• A group of 1,000 Allstate agents are considering the creation of a union. Wonder if Mayhem will try to play union buster.

8520: Heading South.

There’s never a dearth of dumbness in a MultiCultClassics Monologue…

• The U.S. Census shows Blacks are abandoning big cities in the Northeast and Midwest at the greatest numbers in decades, returning to the once-segregated South. Madison Avenue will use the figures as an excuse for the dearth of diversity in advertising agencies.

• Borders has filed for bankruptcy, with plans to close 200 stores nationwide by April. Madison Avenue will use the closings as an excuse for the dearth of diversity in advertising agencies.

• Billy Ray Cyrus and daughter Miley are allegedly not speaking to each other, partly because of daddy’s comments in a GQ interview. Mr. Cyrus claimed that “Hannah Montana” ruined his family, causing his divorce and leading to his daughter’s chaotic life. Madison Avenue will use the silly program as an excuse for the dearth of diversity in advertising agencies.

8036: Girls Just Wanna Have Funny Money.

Money matters in a MultiCultClassics Monologue…

• Toni Braxton is filing bankruptcy for the second time, indicating she owes between $10 and $50 million. That much vagueness in the amount deserves an immediate “morally bankrupt” label.

• Caitlin Sanchez, the 14-year-old actress behind the voice of Dora the Explorer, is suing Nickelodeon, MTV Networks and Viacom, claiming she was conned into signing a contract and duped out of millions of dollars. If her suit is successful, Sanchez can expect a phone call from Toni Braxton.

8024: Crashing And Burning.

Crashing the party with a MultiCultClassics Monologue…

• America’s Polo Cup, Inc., owned by Tareq Salahi, has filed for bankruptcy. Maybe Salahi can ask President Obama for bailout money the next time he and his wife crash a White House dinner.

• The red sari Michaele Salahi wore when crashing the White House dinner sold at auction for $7,000. Well, at least someone in the Salahi household is making money.

• A Lithuanian firm plans to build an all-blonde resort in the Maldives, inspiring critics to cry racism. The sad thing is, most Madison Avenue advertising agencies would not hesitate to compete for the resort’s marketing business.

7998: Blockbuster, Beer And Busty.

A slow news day in a MultiCultClassics Monologue…

• Blockbuster filed for Chapter 11, unable to handle its nearly $1 billion debt. Wow, that’s one serious late fee.

• Budweiser plans to give away free beer on September 29. Look for lots of Blockbuster employees to take advantage of the promotion.

• Sesame Street rejected a Katy Perry video slated to appear on the season premiere, as producers admitted it might be too racy for kids. However, Sesame Street could finance significant urban renewal by introducing Tickle Me Katy dolls.

7202: Tagged For Bankruptcy…?

From The New York Post…

Ecko slam-dunked

By James Covert

After years of lavish spending that took him to the brink of bankruptcy, Marc Ecko has been forced to give up control of his own trademark.

Confirming a Sept. 22 report in The Post, the hip-hop clothing kingpin yesterday signed over a 51 percent interest in the Marc Ecko brand to Iconix, a New York company that owns a slew of fashion brands including Joe Boxer, Candie’s, Rocawear and London Fog.

Scrambling to avoid yesterday’s defeat and keep creditors at bay, Ecko this year had laid off workers and auctioned off his watch trademarks and Avirex brand.

Sources said Ecko is still struggling to lease out pieces of his luxurious 280,000- square-foot headquarters in Midtown, which houses everything from a recording studio to a basketball court.

Still, in an exclusive interview with The Post, the debt-ridden designer took it all in stride.

“I’ve had a crazy, wild ride. I’ve done a lot of things that have been naive,” Ecko told The Post. “I’ll take my lumps for a lot of things that, in retrospect, were a little indulgent. Life happens. I don’t regret any of it.”

Ecko likewise noted that, with creditors breathing down his neck for the past year, losing the title to his brand name yesterday wasn’t such a big change.

“I’ve lived through a leveraged position,” Ecko said. “I don’t know whether, once you grow up your business like that, you have full control anymore anyway.”

Under the terms of his deal with Iconix, Ecko is surrendering majority control of his trademark in exchange for $63.5 million in cash plus $90 million in financing for a newly formed joint venture.

Iconix, which will keep Ecko as chief creative officer for the joint venture, projects between $42 million and $44 million in yearly royalties.

While critics say the urban styles that fueled Ecko’s growth have fallen out of fashion, Ecko said his designs are still evolving.

“Reports of my demise have been reported often and early,” he said.

“Kids are not wearing big, baggy things with logos on them—it just looks different now,” added Iconix CEO Neil Cole, noting that Rocawear’s sales are up recently. “I promise you these kids are not naked out there and they’re not wearing my father’s clothes.”

Still, Marc Ecko’s sales at Macy’s, the brand’s most important wholesale account, dropped by $18 million last year—more than 10 percent. No improvement at Macy’s is expected this year, Marc Ecko’s longtime business partner, Seth Gerszberg, admitted.

On the bright side, comparable sales at Marc Ecko’s overgrown retail chain are now up 7 percent from last year’s steep declines that had fueled big losses. Helped by even deeper cost cuts this year, the brand expects to swing back to profitability.

Elsewhere, Gerszberg and Ecko bristled at reports that they’ve been squabbling through their recent business woes.

Asked if they planned to keep the basketball court at their offices despite the cost cuts, Gerzberg said he was trying.

“What do you care?” Ecko chimed in. “You gonna come down and shoot? You got game?”

7028: Bankrupt And Binging.

Digesting the news with a MultiCultClassics Monologue…

• The publisher of Reader’s Digest is filing for bankruptcy. They probably need more than a condensed bailout.

• A new Duke University Medical Center study shows a significant number of people older than 50 are binge drinking. Among Baby Boomers between 50 and 64 years old, 22 percent of men and 9 percent of women reported having five or more drinks at once in the past month. So how come all the booze advertising seems to be targeting young male audiences?

6907: Legally And Morally Bankrupt.

Hating Mondays with a MultiCultClassics Monologue…

• General Motors was granted permission by a federal bankruptcy judge to sell the bulk of its assets to a new entity. Somebody better ask for a CARFAX® report.

• Rep. Peter King of New York declared the late Michael Jackson was a “pervert” and wondered why Americans are “glorifying” a “low-life” while ignoring real heroes like firefighters, cops and teachers. Ex-New York Governor Eliot Spitzer will probably step in to tell King to tone it down already.

• Colin Powell criticized his fellow Republicans for their attacks on Supreme Court nominee Sonia Sotomayor. Powell believes Sotomayor should not be condemned for ruling against White firefighters in a reverse discrimination case. He added, “What we can’t continue to have is to have somebody like a Judge Sotomayor … called a racist.” Rush Limbaugh will likely respond by calling Powell a racist.

6848: Going Nowhere Fast.

Bad business news in a MultiCultClassics Monologue…

• FedEx saw 1Q profits plunge 55 percent, and predicts tough times ahead as fewer people send packages overnight. The truth is, overnight delivery simply isn’t fast enough for today’s demanding business wonks. FedEx is absolutely, positively fucked.

• Best Buy is seeing some worst sales, as 1Q profits dropped 15 percent. Wonder if Geek Squad has accounting skills.

• Eddie Bauer filed for bankruptcy. The outdoorsy apparel should come in handy when employees are thrown out into the streets.