SFX nears bankruptcy after poor third quarter
Somewhat expected and now finally becoming a reality, SFX is teetering towards bankruptcy after a dismal third quarter. New York Business Journal reports that the company “lost 45.64 percent during the past week and dropped 56.41 percent in the last four weeks.” The results of SFX’s third quarter were far below estimates, and analyst Rich Tullo explained that the company brought in a revenue of a only $113 million when it was projected to reach $190 million.
There seems to be doubt within the financial community about CEO Robert Sillerman’s ability to re-privatize the company, and now the numbers have proven to many that the company is set to fail. Along with a new law suit that has recently fallen into Sillerman’s lap, the broken record continues: SFX’s future is bleak.
Via: NY Business Journal