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Bidders Not Crazy About "Crazy Eddie"Submitted by Dave on Wed, 07/05/2006 - 11:02pm.
With a "Buy It Now" price of $800,000 and an unknown reserve. eBay bidders were not to crazy about "Crazy Eddie". Wikipedia says this about the retailer: Crazy Eddie was a consumer electronics chain located primarily in the Northeastern United States. It was started in the 1970s in Brooklyn, New York, by businessman Eddie Antar. It is famous throughout the tri-state area for its commericals, featuring a frenetic, "crazy" character promoting the stores.
In 1989 the chain suffered a major scandal when Eddie Antar and his family were accused (and eventually convicted) of "cooking the books" in order to skim money and inflate inventory. Antar was found to have sold used electronics as new, committed insurance fraud, faked inventory, and skimmed most of the cash payments to avoid taxes. Having taken the company public (the stock was soon worth hundreds of millions), Antar began selling his stock and the stock price began to collapse. The firm was bought in a hostile takeover by another company, but the buyers were quick to find that some $80 million in inventory did not exist. Antar fled to Israel using the name David Cohen, where he lived until 1994 when he was extradited back to the United States. He was subsequently sentenced to eight years in jail, ordered to pay over $150 million in fines and also owes more than a billion dollars from civil suits. The company, whose tag-line was "Crazy Eddie - His Prices Are In-saaane!", had ads that gained a cult-like following during the 1970s and 1980s, particularly following Dan Akroyd's impersonation of the ads with his "Bassomatic" commercials on the "Saturday Night Live" television program. Bookmark/Search this post with: |