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Payroll panic, flash sales, shrugs: How SVB’s business customers handled its collapse

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Payroll panic, flash sales, shrugs: How Silicon Valley Bank’s customers handled its collapse.

Camp, a retail and entertainment startup geared toward families, turned to its customers for help.

“We were panicked,” he recalled Monday. “We didn’t know how we were going to make ends meet in the coming weeks. And luckily, we turned to our customers and they came out in droves. It’s been really overwhelming to see.” “We landed in Portland, and we kind of were in this moment of, ‘Oh, wow, I don’t know if we’ll be able to make payroll in two weeks,’” Christensen said of the company’s 30 employees.telling its 281,000 Instagram followers

But getting frozen out of hundreds of thousands of dollars for the last few days — he regained access late Monday morning — was sobering, Summers said. Camp’s Kaufman also said the SVB failure was an unwelcome crash course in a sector he didn’t think he’d need to actively worry about.

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Comforting to know there is no penalty for bad management and the Biden Government promises to make everything alright.

Liberal Lunatics

Go Woke, go broke.

Get ready 2008 again but worse this week!

Too woke to fail

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