Camp, a New York City-based toy company, is in hot water after getting caught up the sudden collapse of Silicon Valley Bank — and is now pleading with customers for help keeping it afloat.
Kaufman asked customers to use the code “BANKRUN” to save 40% off all merchandise — a likely nod to the run on the bank that may have helped bring down the Silicon Valley lender. The company also said customers could pay full price, adding that would be appreciated.CNN has not confirmed if Camp had funds with Silicon Valley Bank when the bank collapsed.REUTERS/David 'Dee' Delgado
SVB’s finances went south at warp speed after it disclosed a $1.8 billion loss on its bondholdings this week. Gabby Jones/Bloomberg via Getty ImagesGabby Jones/Bloomberg via Getty Imageson a Thursday conference call to “stay calm” and not “panic” — but jittery clients were already scrambling to yank large balances in excess of the FDIC’s $250,000 insured cap.
He asked employees to “hang around, try to support each other, try to support our clients, work together” to get a better outcome for the company.
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