Crunch Bankrupt, Barneys Closing Stores

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Since we little people are getting screwed in this economy and can't do anything about it, let's refresh ourselves with some schadenfreude at the rich. You wouldn't know it to look at their gleaming facilities, but Crunch Fitness is bankrupt: they filed for Chapter 11 today in Manhattan. They lost $11.2 million last year and, despite their expensive fees, have accumulated a mountain of debt. No word yet on how their gigantic headquarters on West 19th Street, acquired in 2007, figures into this. And though it's still doing luxe celebrity events here in New York, Barneys isn't doing so hot either: the upscale retail giant is closing two out-of-town stores, one in Vegas, another not yet identified. The Wall Street Journal blames a "sharp decline in spending among the wealthiest Americans." Maybe soon every day will be a Barneys Warehouse Sale day. Photo (cc) chang'r.

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