According to the New York Times, the Pressmans continued to tell everyone "business is great" at a Christmas party in 1995, when the reality was that they had made the decision to file for Chapter 11 bankruptcy.
"What the Pressman brothers didn't share over the canapes and sparkling water was that just days earlier, they, along with other family members who serve on the board, had passed a resolution to put the company into bankruptcy, if needed," New York Times writers Stephanie Strom and Jennifer Steinhauer wrote in 1996.