Despite being one of the most ineptly managed businesses of all time, New York’s Off-Track Betting may have successfully invented a whole new business definition: Too Fucked To Fail. After sending out layoff notices to 1,300 employees and proposing all manner of Hail Mary solutions to save its skin, state legislators may have finally noticed that OTB hadn’t been waving all this time, but actually drowning. While we’re not suggesting legislators consider the literal implementation of the old Roman concept of decimation, it’s encouraging that one of the main ideas for righting the ship is a cull of OTB’s management. Read more.
NYC Off Track Betting reaches debt forgiveness deal with creditors
October 21, 2010