“Memo is one of the main reasons I had to do this,” he said. “I don’t mind if somebody calls me and says I have a customer looking for something special. But when it sits in the store for a few months just to fill in the window, that is killer," said Henry Dunay in an exclusive interview with Rob Bates of JCK Magazine.
Read the whole interview here.
Also declaring Chapter 11 this week is David Webb, Madison Avenue jewelry house extraordinaire.
In case you haven't been keeping up in the designer financial news, Michael Beaudry and JPPS Inc., the parent company for Penny Preville, also filed Chapter 11 bankrupcy protection this month. Doris Panos filed at the end of April.
Henry is the first one to mention memo as part of the problem -- but I've got to wonder how big a part it played in the others', as well. One well known designer we talked with calls it the "cancer of our industry."
When will the industry openly discuss this?
We're going to run a webinar on this topic -- from the perspecitve of protecting yourself in this dicey realm. Email me at firstname.lastname@example.org for more info and stay tuned to our blog and twitter and facebook and enewsletters for specifics.