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An interview with Bookwitty chief executive Cyril Hadji-Thomas
November 7, 2018
To understand as much as possible about the inside perspective and mindset related to the first high-profile failure of a Lebanese startup, Executive sat down with Cyril Hadji-Thomas, the stakeholder at the heart of Bookwitty. E
We heard many things when investigating this case. Among them, allegations that a large number of subsidiaries had been set up in the group in order to facilitate operations in different geographies, with the intended or unintended effect that this complex structure left you as the only person who could control and oversee all these units and their audit departments.
The biggest startup bankruptcy since Circular 331
November 7, 2018
It may have all started six years ago, with the zone of low air pressure that moved westward over the Atlantic, encountering large amounts of relatively warm water in the middle of nowhere. The resulting tropical cyclone became known as Hurricane Sandy and caused havoc in eight countries in the Americas, taking more than 230 lives and destroying properties along its northward trail through the Caribbean and along the Eastern seaboard of the United States. Damages were an estimated $65 billion in the US with $42 billion in New York State alone.
One reading of the series of misfortunes behind the mid-2018 shuttering of Bookwitty, a star in the firmament of Lebanese entrepreneurship, was that it all began during Sandy, when the company’s warehouse in New York was flooded. Inventory and equipment were destroyed, and sales revenue lost to the tune of more than $1 million (technicalities and legalities meant this los