As a sign of how often Citi has been in trouble, it doesn't get much better than The Dunham Studios train exhibit. The exhibit in the Citigroup Center lobby has been given the chop in 1991-1996, 2000 (when over 20,000 complaints at least warranted an attenuated show) and again now in 2008.
Citigroup Inc., the bank that's eliminating 52,000 jobs after getting a $45 billion government bailout, canceled its sponsorship of a New York holiday toy-train exhibit visited by more than 125,000 people a year.
Dunham Studios, the Pottersville, New York-based operator of the 750-square-foot model railroad, was notified of Citigroup's decision last month, co-owner Clarke Dunham said in an interview. That means the free show that first went on display in 1987 at the Citigroup Center lobby may reach the end of the line on Jan. 2 unless another sponsor steps up or the bank reconsiders, he said. It also means Citigroup will save about $240,000.
"The difficult decision to discontinue this sponsorship was part of Citi's ongoing expense-reduction efforts," Citigroup said in an e-mailed statement.
Far be it from us to tell Citi how to hit its $2 billion per/quarter cost savings mark, but we might suggest that an immensely popular, $240,000 exhibit isn't the ideal place to be cutting this holiday season when your public image is already shockingly low.
Well, if all it takes is about 20,000 complaints to get the exhibit a pardon, lets get to work. Shall we?
Citi Derails Holiday Toy-Train Exhibit as Credit Crunch Deepens [Bloomberg]