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Detailing the downfall of institutions isn't exactly the kind of job anybody would want, at least not anybody with any sense of sentimentality or righteousness.

As the case may be, however, institutions, especially in Europe and North America, are falling down all around us, some by government decree, others by personal loathing or corporate animosity and debasement schemes. Such is the case of the demise of Playboy magazine, once a scion of free sexual expression, today reduced to a caricature of its former glory by corporate raiders of the worst order.

PLBY Group, the company that was set up to take over (and strip-mine) the assets of Playboy, continues down its chosen path of perceived incompetence, quickly and quietly approaching what is its ultimate aim, one of insignificance and obscurity.

Here's how Wikipedia describes PLBY Group: PLBY Group, Inc. is an American global media and lifestyle company founded by Hugh Hefner as Playboy Enterprises, Inc. to oversee the Playboy magazine and related assets. Its headquarters are in Los Angeles, California. The company is focused on four primary business lines: Sexual Wellness, Style & Apparel, Gaming and Lifestyle, and Beauty & Grooming. Today, PLBY Group, together with its subsidiaries, engages in the development and distribution of content, products and high-profile events that embody both "eroticism and fine art", and apparel retailing. It is in the top twenty most licensed brands globally.

Ben Kohn, CEO of PLBY Group, has (mis)managed to completely destroy the remnants of the company built by Hugh Hefner.

The Wikipedia description above has become irrelevant and incorrect. PLBY Group is not engaged in any of what are called the "primary business lines." The company sold off - at considerable loss - Yandy and Lovers, a few years ago, the two companies that were engaged in "Sexual Wellness." As far as Style & Apparel is concerned, Ben Kohn farmed out operations of the playboy.com store and all its products last year. It's now operated by a third party.

Gaming and Lifestyle, and Beauty & Grooming are not in any way related to what PLBY Group does, which is promote what once was called "centerfold" and now is just back to the Playboy Club on playboy.com, a cheap imitation of OnlyFans. They promote mostly sub-par online models who get naked on webcams for money and call them "creators."

Everything about the operation of what used to be the leading men's magazine in the world screams scam. PLBY Group hasn't published a magazine since 2021, in either digital or traditional print. There is little to no original content. They do have licensing agreements with companies in other countries that still publish periodical magazines with "Playboy" on their mastheads. PLBY Group receives royalties or licensing fees, which are peanuts, maybe $12 million a year.

The company still owns Honey Birdette, the chain of lingerie stores that originated in Australia which PLBY Group acquired in 2018, but failed to make any headway in the U.S. or Europe. As of last count, there were five stores in the U.S. that were operational, a couple dozen in Australia and they've closed at least that many over the past three years. They've been looking to sell off the chain at a huge discount to what they paid for it. Presently, there are no takers, not even lookers or tire-kickers.

PLBY Group's market cap is less than $60 million. They have less than $20 million in cash and short term investments. They are deeply in debt, mostly due to a friendly loan from a finance firm of $50 million which was agreed via granting preferred stock. In the event of bankruptcy or the inability to continue as a going concern, those preferred shares will supersede common stock. All assets of the company will become property of the holders of those preferred shares.

The company, under the leadership of CEO Ben Kohn, has lost money every year since 2018, including net income of -$277 million in 2022, and $180 million in 2023. The first quarter of 2024 showed a loss of $16.45 million which Kohn considered "progress" as he stated in the press release accompanying the first quarter financial results.

PLBY Group stock is trading for around 80 to 95 cents per share recently. The three top executives, CEO, President & Director Kohn, COO & CFO Marc Crossman, and General Counsel & Secretary Chris Riley all sold thousands of shares in May and have many more to sell, at just about any price they can get. Notice how the officers each have more than one title, so that they can collect double salaries or have more stock vested.

The company warned that its stock could be delisted by the NASDAQ as far back as the second quarter of 2023. The share price fell below $1 - which is cause for delisting according to NASDAQ procedures if the price remains below $1 for six months - in late September, 2023. Outside of January and February and a few sessions in April and May, the stock has traded below $1 and appears to be sinking again, closing at 81 cents on June 14. The clock is ticking. Delisting is a near-certainty, probably by the end of September, if not sooner.

The company recently put up most of the artwork and nostalgia from the Playboy Mansion for auction, taking in a couple million dollars. That action alone speaks management's plan loudly. They are selling everything and will eventually bankrupt the company, walking away with millions, leaving creditors on the hook and shareholders with empty pockets.

If there was an actual SEC with enforcement powers, these management posers would likely be facing criminal charges for defrauding investors.

Ben Kohn has knocked down an estimated $30-40 million in salary and bonuses, stock options and various other schemes in his six-plus years as the CEO of PLBY Group and the time prior to that, as he was interim CEO from 2016 to 2018 and on the board of directors since 2011.

According to salary.com, Kohn pocketed $3,717,913 in 2022 alone. This, while he guided the company to losses of $277 million.

There is no promotion, there is no advertising and no plans to publish what was the most-recognizable feature of the former Playboy Enterprises, a monthly men's magazine. There are no plans to open any clubs, promote any big events, or do anything to advance the business. Ben Kohn has been very successful at one thing: turning a profitable business, an iconic global institution, into a stinking pile of excrement.

This page is dedicated to Ben Kohn, for now.