‘Lehman Brothers’ was co-founded by German brothers Henry, Emanuel, and Mayer Lehman in 1844.
The firm started as a basic goods lending to farmers and then to a full-fledged business of commodities trading and brokerage services. It has flourished over the years as the US economy grew into an international powerhouse.
Fast forward to 2008, the billion-dollar company filed for bankruptcy on September 15. Hundreds of employees dressed in suits could be seen leaving the office. The whole incident was a sad reality that nothing is forever.
During the time of the collapse, Lehman was the fourth-largest investment bank in the US and had 25,000 employees worldwide. As stated by the company, at the time of the crash, it had USD 639 billion in assets and USD 613 billion in liabilities.
Declan Ee, who was one of the employees at Lehman Brothers, had the dream of running his own business. His first job was at Lehman Brothers. The 2008 collapse of Lehman Brothers shook the global markets as well as Declan.
He left the company and started his own furniture start-up, Castlery.
Today, the company is making millions and its furniture can be found in over 300,000 homes across the world.
He sells designer furniture catered to “urban millennials” between 25 to 45 years old.
With Castlery, Declan went digital-first in 2013, allowing customers to browse a virtual studio and make furniture purchases online, disrupting the conventional furniture market.
By adding this online feature, people soon realized that they don’t have to visit 25 furniture stores, they can easily look online and make their purchases.
Image Credit: www.homeanddecor.com.sg