Desperate Measures: Can eBay help Lehman Brothers recoup lost funds?
Preliminary reports: not even close.
You may have seen in the news this week that Lehman Brothers, perhaps the newsiest of the fallen investment firms, has begun selling off all Lehman-related schwag left lying around their offices. The products, which range from tote bags to neck ties, are being listed and sold by the Lehman Brothers’ eBay store (“TheLehmanStore”), many via the Buy It Now feature. As an eBay story, we thought this was pretty interesting — that even the highest of high-rollers is using a web store to clear out some closet space!
So what kind of coin is the company making on its spring cleaning? We did a couple quick searches, and the results are pretty measly.
A seller report on TheLehmanStore shows that, since the store began selling 20 days ago, 59 items have sold at an average price of $22.41. The sell-through rate on these items is an impressive 83.05%… but then who wouldn’t want a little slice of history for dirt cheap? Far less impressive is the store’s total sales, which, as of July 18th, are a relatively meager $2,577. That’s not likely to make much headway with creditors…
And equally sad from a Lehman Brothers standpoint: despite being responsible for more than half of all eBay sales containing the keywords “Lehman Brothers”, the seven most-expensive items (including some sweet-looking cigar humidors) were listed by sellers other than TheLehmanStore… a pretty sizeable chunk, considering only 119 listings in total have been successful.
We know that many of you have been selling on eBay for quite some time, and we also know it’s highly possible you’ve made a bad decision or two along the line… Just don’t feel too bad, whatever the case was. It could likely have been worse!
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