Now here’s a story for which most of us have no sympathy, unless you’re part of their family.

“Pusateri’s Fine Foods fallout: grocer owes creditors $37 million”…oh be still my achin’ heart.

For many years, Pusateri’s has been selling groceries at exorbitant prices. Stratospherically higher than any Loblaw’s or Metro. The Avenue Road store was so “Fine Food” they had valet service for a time. Imagine, drive up and a valet chauffeurs your mechanical steed into a parking spot for you. Don’t know if one paid extra for the service as I never drove my vehicle to their parking lot. My car would have been rejected as too plebian. I wanted to say, ‘pedestrian’ but that didn’t make sense or should I say cents. The Pusateris product pricing reflected the deep pockets of its shoppers who expected valet service. A perfect example of conspicuous consumption, “I shopped at Pusateri’s.”… la dee dah!

Well, finally the consumers had the light bulb light up. The prices were seen as gouging, exorbitant and unjustifiable. Sales dropped….and dropped and dropped some more, until the inevitable finally happened. Consumers recognized they more than their cars were being taken for a ride. Pusateris was gouging them. Can’t blame Pusateri’s though…if some sucker is willing to pay it, gouge them. And Pusateri’s did so, for years and years. The consumers finally saw the light and made a decision…no more shopping at Pusateri’s. Pusateri’s is closing its doors, one store at a time.

Before you lament the family with tears of pity consider this. Their Yorkville store owes $8 million, while overall their stores owe creditors $37 million. The stores were selling products which were not pad for yet. A great game if you can play it and Pusateri’s played it with gusto.  Today, family members, and we use the label ‘family’ with caution, are crying in their Moët & Chandon Dom Pérignon in Barbados or Curacao. For years, their stores raked in the dough, prices loftier than the highest cloud. Ring, ring, the tills chimed as the cash flowed in. The gullible conspicuous spenders bought and bought with pride that “they shopped at Pusateri’s.”

Those shoppers lost a bit but once they came to their senses, the ride was terminated. Some one was still left holding the bag, the purveyors….on the hook for millions. These people must be dumber than doorknobs. It shouldn’t take a diploma in rocket science to recognize a dead beat client. Reaching $37 million dollars before it dawned on them that they weren’t having their bills paid, the rockets flamed out, the creditors saw the light. Good luck with claims litigation.

Pusateri’s … crack open another bottle of champagne. Ya beat ’em all.