Bankrupt Lehman Brothers is holding an online garage sale and there's bargains galore for savvy shoppers.
Like so many other Americans hurt by the recession, Lehman is trying to raise cash by selling off merchandise on EBay.
Marketing its garage sale "stuff" with the slogan, "Own a Piece of History," Lehman is offering canvas duffel bags, wind-resistant umbrellas, silk neckties, among other doodads, all with the Lehman logo or ticker symbol.
The thousands of odds and ends were originally earmarked as gifts for the firm's clients and staff, reports Bloomberg News.
Revenues from the sale will be used to pay off creditors. But even if the sale is a blowout, proceeds will amount to only a tiny fraction of what Lehman owes — all told $250 billion, according to CEO Bryan Marsal.
Lehman has the dubious distinction of having filed the biggest bankruptcy in U.S. history last year.
Prices range from $20 for the umbrella which won’t flip even in 80 mph winds, to $34.99 for the silk cravat with Lehman's NYSE ticker symbol, LEH.
Lehman's next move, according to news reports, will be the launch of a retail outlet on Manhattan's bustling Sixth Avenue to sell directly to the public.
Lehman’s own staffers beat them to the punch, dumping their own stuff on the Web back in September when the bankruptcy mean layoffs.
Underneath a photo of a messenger bag, reported the New York Daily News at the time, one seller commented:
"I worked here for half of my career. Bought most of my stock at a weighted average price of $45. Enough said. I guess all you employed people could use this bag to carry important documents and do complex mortgage calculations on the notepad.”
“The only important-ish docs I have now are my Lehman stock certificates, which I plan on using to warm my apartment this winter when I can't afford the heating bill."
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