Business News
Magic Johnson Joins Billionaire Elite
Notable NBA legend Magic Johnson reaches billionaire status, but what groundbreaking ventures and social impact have fueled his incredible journey?
Magic Johnson has officially joined the billionaire elite, boasting an impressive net worth of $1.2 billion. His wealth primarily stems from a legendary NBA career with the Los Angeles Lakers and savvy investments in various industries. Johnson's portfolio includes stakes in sports teams and major ventures like Starbucks and Burger King, focusing on community engagement. Recognized by Forbes, his journey illustrates how athletes can thrive outside of sports. Johnson not only celebrates financial success but also champions social causes, paving the way for future Black entrepreneurs. To explore more about his remarkable achievements, one might uncover further insights.
Key Takeaways
- Magic Johnson's net worth is estimated at $1.2 billion, joining sports legends like Tiger Woods and LeBron James in the billionaire elite.
- His wealth comes from a successful basketball career and diverse business ventures, including investments in sports teams and franchises.
- Johnson focuses his investments on underserved communities, proving that urban markets can be profitable and sustainable.
- He is a recognized advocate for HIV awareness, using his platform to challenge stigma and promote disease prevention.
Billionaire Status
How did Magic Johnson achieve billionaire status?
With an estimated net worth of $1.2 billion, he joins the ranks of sports legends like Tiger Woods, LeBron James, and Michael Jordan, thanks to his savvy investments and successful business ventures.
Magic's wealth stems primarily from his illustrious basketball career and the various business opportunities he pursued afterward.
He became a minority stakeowner in multiple sports teams, including NFL and WNBA franchises, further solidifying his financial standing.
Forbes officially recognized him as a billionaire, marking a significant milestone in his journey.
His ability to shift from athlete to entrepreneur demonstrates not only his business acumen but also his commitment to creating opportunities within the sports and business landscapes.
Major Investments
Magic Johnson's investment portfolio showcases a strategic blend of businesses, highlighting his vision for economic empowerment in underserved communities. His major investments include well-known franchises and innovative companies that challenge the status quo regarding urban market profitability. By focusing on opportunities in primarily Black neighborhoods, he's proven that such ventures can thrive.
Investment | Type | Focus Area |
---|---|---|
Starbucks | Coffee & Retail | Community Engagement |
Loews Theaters | Entertainment | Urban Development |
Burger King | Fast Food | Job Creation |
24 Hour Fitness | Fitness & Wellness | Health Access |
EquiTrust | Insurance | Financial Services |
Through these investments, Johnson not only builds wealth but also fosters growth in communities often overlooked.
Sports Career Overview
With a stellar career spanning 12 seasons, the impact on basketball and community advocacy remains a hallmark of Johnson's legacy.
He played primarily for the Los Angeles Lakers, where he dazzled fans with his exceptional skills and leadership. After his first retirement in 1991, Johnson briefly returned to the NBA in 1995, ultimately retiring for good in 1996. His career earnings from the NBA are estimated at $40 million, but his influence extends far beyond the court.
Diagnosed with HIV, he became a passionate advocate for disease prevention, using his platform to educate others. Johnson's contributions to both basketball and social causes solidify his status as a transformative figure in sports history.
Business Philosophy
Investing in underserved communities is central to Johnson's business philosophy, showcasing the potential for profitability in urban America. He believes that retailers should recognize the untapped market opportunities in mainly Black neighborhoods.
His successful ventures, including investments in Starbucks and 24 Hour Fitness, highlight the financial viability of engaging with these communities. Johnson's strategies emphasize community engagement and empowerment, aiming to create jobs and improve local economies.
Recognition and Influence
Johnson's influence extends beyond business, as he's recognized as a leading figure in both sports and social advocacy. His journey from basketball legend to billionaire entrepreneur showcases his commitment to uplifting communities and inspiring future leaders.
Magic's impact includes:
- HIV Awareness: Advocating for education and prevention, he challenges stigma surrounding the disease.
- Community Investments: Focusing on businesses in underserved neighborhoods, he proves urban markets can thrive.
- Mentorship: Engaging with young entrepreneurs, he shares insights from his own successes and failures.
Through these efforts, Magic Johnson continues to shape culture, influence future generations, and redefine what it means to be a successful athlete.
Conclusion
Magic Johnson's ascent to billionaire status juxtaposes his formidable achievements on the basketball court with his impactful entrepreneurial ventures.
While he dazzled fans with his skills, he now empowers communities through strategic investments and advocacy.
This duality—an athlete turned business mogul—highlights his commitment not only to personal success but also to uplifting others.
As he inspires future generations, Johnson exemplifies how passion can transcend sports, merging athletic prowess with a profound social mission.
Business News
Wine Company Collapse Leaves Customers in Shock
Painful revelations follow the collapse of Underground Cellar, leaving customers questioning their trust and yearning for answers about their lost investments.
The recent collapse of Underground Cellar, a San Francisco-based wine company, has left customers in shock and distress. Customers now face not only financial losses but also the heartbreaking news of valuable wine collections that may never be recovered. With debts approaching $25 million and numerous lawsuits alleging fraudulent practices, many feel a deep sense of betrayal. The situation has prompted the creation of support groups as individuals share their experiences. This raises questions about financial transparency within the wine industry and the factors that led to such a devastating failure. More insights about this unfolding situation are yet to emerge.
Key Takeaways
- Underground Cellar, a wine purchasing and storage company, filed for Chapter 7 bankruptcy in April 2023, leaving customers with significant losses.
- Nearly $25 million in debts and only $100,000 in cash reserves highlighted severe financial mismanagement within the company.
- Customers reported feelings of betrayal, with some losing wine collections valued at up to $200,000.
- A Facebook group formed for nearly 600 members, allowing affected customers to share experiences and seek support.
Company Overview
Underground Cellar, a San Francisco-based wine company, aimed to revolutionize the wine purchasing and storage experience through innovative offerings such as free storage for up to 500 bottles in a temperature-controlled facility.
The company distinguished itself by providing customers with opportunities for exclusive wine bottle upgrades during weekly offers, enhancing the appeal of their service.
However, in late April 2023, Underground Cellar abruptly ceased operations and subsequently filed for Chapter 7 bankruptcy, revealing nearly $25 million in debts.
This shocking development raised significant concerns among customers, many of whom had entrusted their valuable wine collections to the company.
As a result, the once-promising venture has become a cautionary tale within the wine industry.
Customer Impact
Many customers have expressed feelings of betrayal and frustration as they grapple with the loss of their wine collections following the company's abrupt closure.
Reports indicate that some individuals are facing significant financial loss, with one customer claiming to be owed approximately $200,000 in wine.
In response, a Facebook group has emerged, attracting nearly 600 members who seek to share experiences and find support in this crisis.
Additionally, lawsuits have been filed against the company, with customers alleging fraudulent practices and seeking recovery of their investments.
Bankruptcy documents reveal that $2.7 million in wine orders never reached the warehouse, further deepening customers' concerns about their lost assets and the company's mismanagement.
Financial Status
What factors contributed to the alarming financial status of the company, which reported over $20 million in revenue last year yet faced a mere $100,000 in cash reserves?
The stark contrast between revenue and liquidity raises concerns about financial mismanagement.
Bankruptcy filings indicate unpaid invoices totaling $328,000, highlighting cash flow issues.
Additionally, the valuation of physical assets at less than $35,000 suggests a severe depletion of tangible resources.
This discrepancy points to potential operational inefficiencies and misallocated funds.
The company's inability to maintain a sustainable liquidity position, despite substantial revenue generation, underscores critical vulnerabilities and raises skepticism regarding its long-term viability.
Such financial missteps have ultimately culminated in a crisis that has left customers and stakeholders in disbelief.
Reasons for Bankruptcy
Recent market challenges and financing difficulties greatly contributed to the company's decision to file for bankruptcy. The firm struggled to adapt to shifting capital market conditions, which hindered its operational viability.
Additionally, a lack of transparency regarding financial health before the abrupt shutdown raised alarms among stakeholders. The company's financial mismanagement became evident, with reported debts nearing $25 million against dwindling cash reserves, leaving only $100,000 available.
Moreover, allegations of fraudulent practices from affected customers highlighted deeper systemic issues within the organization. Overall, these factors created a perfect storm of financial instability that ultimately led to the company's collapse, leaving both investors and customers reeling from the sudden turn of events.
Community Reaction
The community's reaction to Underground Cellar's collapse has been marked by widespread outrage and disbelief, as customers grapple with feelings of betrayal and loss following the company's abrupt shutdown.
Many consumers have taken to social media platforms to voice their frustrations, sharing personal anecdotes and forming support networks to navigate this distressing situation.
Online discussions reflect a collective demand for accountability and transparency from the company's leadership, with customers calling for investigations into potential mismanagement and fraudulent practices.
The formation of dedicated Facebook groups has provided a space for those affected to connect, while the incident has sparked increased scrutiny on similar business models within the wine industry.
Customers are now seeking clarity on their legal options amid the turmoil.
Frequently Asked Questions
What Are the Next Steps for Affected Customers Seeking Restitution?
Affected customers seeking restitution should document their claims, join support groups, and consult legal counsel. Filing a complaint in the bankruptcy court and participating in creditor meetings will also be essential steps toward recovery.
Will There Be a Liquidation Sale of Underground Cellar's Remaining Assets?
It remains uncertain if a liquidation sale of Underground Cellar's remaining assets will occur. The bankruptcy process will determine asset dispersal, potentially influencing recovery options for customers and creditors seeking restitution.
How Can Customers Join the Class-Action Lawsuits Against the Company?
Customers seeking to join class-action lawsuits against the company should consult with legal professionals specializing in consumer rights. Additionally, joining relevant online forums and social media groups may provide further information and support for participation.
Are There Any Other Companies Similar to Underground Cellar Still Operating?
While Underground Cellar's abrupt demise casts a shadow, several innovative wine companies continue to thrive, such as Winc and Vivino, offering curated selections and seamless purchasing experiences, demonstrating resilience amidst market challenges.
What Consumer Protection Laws Apply in This Case of Bankruptcy?
Consumer protection laws in bankruptcy cases typically include the Uniform Fraudulent Transfer Act and various state laws, safeguarding creditors and consumers by addressing fraudulent practices, ensuring equitable treatment, and providing recourse for affected parties during liquidation proceedings.
Conclusion
The collapse of Underground Cellar serves as a poignant reminder of the fragility inherent in the wine industry's business models.
Coincidentally, the very services designed to enhance customer experience—such as complimentary storage and exclusive upgrades—became the foundation for significant financial instability.
This situation underscores the necessity for robust risk management and transparency in operations, prompting a reevaluation of the systemic vulnerabilities that can jeopardize consumer trust and financial security in the broader marketplace.
Business News
Tragic Discovery: Missing Banker Found in Water
Found in Newton Creek, a missing banker's tragic death raises urgent questions about safety at nightlife venues and the risks concertgoers face.
John Castic, a 27-year-old analyst at Goldman Sachs, was reported missing after attending a Zeds Dead concert at Brooklyn Mirage. Last seen around 2:30 a.m. on July 29, 2023, his body was discovered in Newton Creek on August 1, with the cause of death attributed to misadventure. Castic's wallet and phone were found with him, highlighting safety concerns at nightlife venues. His untimely death has raised alarms within the community, emphasizing the need for better security at concerts. This incident serves as a stark reminder of the vulnerabilities faced by concertgoers and its impact on broader safety discussions.
Key Takeaways
- John Castic, a 27-year-old Goldman Sachs employee, was reported missing after a concert on July 29, 2023.
- His body was discovered in Newton Creek on August 1, 2023, with the cause of death ruled as misadventure.
- Castic's wallet and phone were found with him, raising concerns about safety at nightlife venues.
- His disappearance echoed previous incidents involving concertgoers found in the same area, highlighting safety vulnerabilities.
Overview of the Incident
A 27-year-old Goldman Sachs employee, John Castic, was reported missing following a concert at Brooklyn Mirage, culminating in the discovery of his body in Newton Creek days later.
Castic attended a Zeds Dead performance on July 29, 2023, and was last seen around 2:30 a.m. Witnesses reported he had intended to summon an Uber to return home but never arrived. His body was recovered on August 1, 2023, in the English Kills area of Newton Creek, and the cause of death was ruled as misadventure.
Significantly, his wallet and phone were found with him. This tragic incident has raised concerns regarding safety at nightlife venues, echoing a previous case involving another concertgoer found in the same area.
Circumstances of Disappearance
Following the Zeds Dead concert at Brooklyn Mirage, John Castic's whereabouts became uncertain as he last communicated intentions to request an Uber home but failed to do so.
He was last seen around 2:30 a.m. on July 29, 2023, wearing a navy and white floral button-down and khaki pants. Friends reported that he did not return home, heightening concerns about his safety.
The last known location was at the concert venue, although conflicting reports indicated activity at 1133 Grand Street. Given the previous safety incidents near the venue, including the tragic case of Karl Clemente, local authorities and friends underscored the need for vigilance among concertgoers.
The circumstances surrounding Castic's disappearance remain a focal point for ongoing investigations.
Profile of John Castic
John Castic, a 27-year-old senior analyst at Goldman Sachs, exemplified a promising career trajectory after graduating from DePaul University in 2020. Joining Goldman Sachs in August 2022, he quickly established himself in the competitive financial sector, known for his analytical skills and dedication.
Originally hailing from Illinois, Castic was well-regarded among peers and mentors, who recognized his potential for future leadership within the firm. Outside of work, he enjoyed attending live music events, including the recent Zeds Dead concert at Brooklyn Mirage, which would ultimately lead to his tragic disappearance.
Castic's commitment to his profession and vibrant social life painted a picture of a young man with a bright future, making his untimely death all the more heartbreaking.
Community and Media Reactions
Reactions from the community and media highlighted the profound impact of John Castic's disappearance, igniting discussions about safety at nightlife venues and the need for increased vigilance among concertgoers.
Social media platforms served as an essential tool for friends and family, who shared emotional appeals for information, amplifying awareness around Castic's case.
The incident prompted local news outlets to cover not only Castic's story but also the broader implications regarding safety protocols at concerts.
Many community members expressed their grief and frustration, emphasizing the importance of looking out for one another in crowded environments.
This tragedy has sparked a collective call for enhanced security measures, as well as a reevaluation of safety practices at popular entertainment venues.
Safety Issues at Concert Venues
The tragic circumstances surrounding John Castic's disappearance have underscored the urgent need to address safety issues at concert venues, prompting a critical examination of existing security measures and protocols.
The incident at Brooklyn Mirage, coupled with previous similar cases, highlights significant vulnerabilities that require immediate attention. Patrons often find themselves in crowded and chaotic environments, raising concerns about their safety and well-being.
Enhanced security measures, including increased staffing, improved lighting, and surveillance, are vital to protect attendees. Additionally, venues must foster a culture of vigilance among guests, encouraging them to look out for one another.
Ultimately, concert organizers and venue operators must prioritize safety to guarantee a secure environment for all attendees, minimizing risks and preventing future tragedies.
Frequently Asked Questions
What Were John Castic's Hobbies and Interests Outside of Work?
John Castic's hobbies included attending live music events, exploring outdoor activities, and engaging in fitness pursuits. He was passionate about building connections with friends, reflecting a vibrant social life beyond his professional commitments.
Did John Castic Have Any Known Health Issues Prior to His Disappearance?
While no significant health issues were reported prior to his disappearance, John Castic's vibrant life and promising career seemed as bright as the sun; his unexpected absence raises questions about the hidden challenges individuals face.
What Specific Safety Measures Are Being Proposed for Concert Venues?
Proposed safety measures for concert venues include enhanced security personnel, improved lighting, increased surveillance, thorough emergency response plans, and promoting a culture of vigilance among attendees to guarantee a safer environment for all participants.
How Can Individuals Report Safety Concerns at Nightlife Events?
Like a lighthouse guiding ships through turbulent waters, individuals can report safety concerns at nightlife events by contacting venue staff, local authorities, or utilizing anonymous hotlines to guarantee a safer environment for all patrons.
What Support Resources Are Available for Families of Missing Persons?
Families of missing persons can access support resources such as local law enforcement, nonprofit organizations, counseling services, legal assistance, and support groups. These resources provide emotional support, advocacy, and information to help navigate the crisis.
Conclusion
The tragic case of John Castic underscores the alarming reality that approximately 1 in 10 concertgoers report feeling unsafe at large events.
This statistic highlights the urgent need for enhanced safety measures within nightlife venues to prevent future tragedies.
Community calls for improved security protocols and increased awareness are essential in fostering a safer environment for all attendees.
Ensuring the protection of individuals at entertainment locations must remain a priority to prevent further loss and heartbreak.
Business News
Live Luxuriously at Sea on New Cruise Ship
Keen to explore the ultimate in luxury cruising? Discover how Villa Vie is transforming life at sea with unparalleled amenities and global adventures.
Experience unparalleled luxury aboard the Villa Vie Residences, launching in May 2024. This innovative cruise ship redefines maritime living with 425 ports across 147 countries, offering extensive stays in diverse regions. Residents enjoy spacious living accommodations and a wealth of amenities, from a culinary arts center to a state-of-the-art gym and pet-friendly facilities. Flexible pricing options enable access to this unique lifestyle, making luxurious living at sea more attainable. With a vibrant community atmosphere, you can build lasting friendships while exploring the globe. Discover how Villa Vie is changing the landscape of high-end travel and what it has to offer.
Key Takeaways
- Experience luxury living on the Villa Vie Residences, featuring spacious cabins priced from $100,000 to $250,000.
- Enjoy a diverse itinerary with 425 ports across 147 countries, allowing for extensive exploration and cultural exchange.
- Benefit from unique onboard amenities, including a business center, culinary arts center, pet spa, and a state-of-the-art gym.
- Participate in community living with scheduled activities, fostering friendships and a vibrant social atmosphere among residents.
Residential Cruise Ship Concept
The launch of Villa Vie Residences' residential cruise ship in May 2024 marks a transformative approach to luxury living at sea, enabling travelers to begin a global journey while enjoying the comforts of home.
This innovative vessel will set sail from Southampton, England, starting on a meticulously planned itinerary that spans 425 ports across 147 countries over a 3.5-year cycle.
Destinations include extensive stays in Northern Europe, North America, Africa, and South Asia, ensuring a rich cultural experience.
Unlike traditional cruise lines, Villa Vie aims to disrupt the high-end market by offering a residential lifestyle at sea, competing with established players while addressing operational challenges faced by similar concepts.
This venture promises to redefine luxury travel, merging comfort with exploration.
Pricing and Travel Options
Travelers considering a voyage aboard Villa Vie can choose from a variety of pricing options, making the experience accessible to a wider audience while still enjoying the luxury of a residential cruise ship.
Cabin prices start at $100,000 for interior accommodations and can reach up to $250,000 for balcony options, with monthly fees beginning at $3,500 for double-occupancy interior staterooms.
Additionally, travelers have the flexibility to book segments ranging from 35 to 120 days, without the commitment of purchasing a cabin. Segment pricing starts at $4,360 for a 35-day transatlantic crossing, offering an attractive alternative for those seeking a shorter luxury experience.
This pricing strategy positions Villa Vie as a competitive option in the high-end cruise market.
Unique Onboard Amenities
Enhanced by a diverse range of unique onboard amenities, Villa Vie promises residents an unparalleled living experience that combines luxury with practicality.
The ship features a business center and a well-stocked library, catering to both leisure and professional needs. Culinary enthusiasts will appreciate the dedicated culinary arts center, while pet owners can enjoy specialized facilities, including a pet spa and resort.
Fitness enthusiasts are not overlooked, with a state-of-the-art gym and a golf simulator available for use. Additionally, a medical center guarantees residents have access to healthcare services at sea.
Weekly laundry services, along with biweekly options, provide added convenience, making it easy to maintain a comfortable lifestyle while exploring the world's finest destinations.
Business Insights and Success Stories
Unique onboard amenities not only elevate the living experience aboard Villa Vie but also reflect a broader entrepreneurial spirit evident in successful business ventures across various industries.
Notable success stories highlight the importance of innovative thinking and adaptability in achieving remarkable results:
- Cathryn Lavery: Founded BestSelf Co. with minimal investment, generating $45 million in revenue through strategic marketing.
- Jensen Huang: Transformed Nvidia into an AI powerhouse by recognizing emerging trends and pivoting the business model.
- Josh Kaufman: Advocates for practical experience over formal education, demonstrating that significant earnings are achievable without an MBA.
- Tony Robbins: Influenced many entrepreneurs, including Lavery, emphasizing the power of mentorship in business growth.
These narratives inspire a culture of exploration and success, resonating with the ethos of Villa Vie.
Industry Challenges Ahead
Steering through the complexities of the cruise industry presents significant challenges, including operational logistics, market competition, and evolving consumer expectations.
As new players like Villa Vie Residences enter the market, established companies must adapt to retain their clientele. The logistical demands of maintaining a residential cruise ship, including route planning and port agreements, are substantial and complex.
Additionally, the competitive landscape intensifies as potential residents weigh options among various luxury offerings. Consumers increasingly seek personalized experiences, compelling companies to innovate and enhance their service offerings continuously.
Amid these challenges, the industry must balance operational efficiency with the need to deliver unparalleled luxury and unique lifestyle opportunities, ensuring long-term viability in a rapidly changing market.
Community Living at Sea
Community living at sea offers residents a consistently enriching environment, fostering connections and shared experiences among diverse individuals as they traverse the globe. This unique lifestyle promotes a sense of belonging while exploring various cultures and destinations.
Key features of community living aboard the residential cruise ship include:
- Social Engagement: Regularly scheduled activities and events encourage interaction among residents, cultivating friendships.
- Cultural Exchange: Residents can share their diverse backgrounds, enhancing the onboard experience for everyone.
- Collaborative Amenities: Shared facilities, such as dining areas and recreational spaces, promote a communal atmosphere.
- Wellness Programs: Group fitness classes and wellness workshops foster a healthy lifestyle and camaraderie among residents.
Together, these elements create a vibrant community at sea, ideal for those seeking both adventure and companionship.
Future of Luxury Travel
As travelers increasingly seek immersive experiences that blend luxury with adventure, the future of luxury travel is poised to embrace innovative concepts like residential cruise ships that offer unparalleled lifestyle options at sea.
With the launch of Villa Vie Residences in May 2024, travelers will have the opportunity to live aboard a ship that circumnavigates the globe every 3.5 years, visiting 425 ports in 147 countries.
This model not only redefines cruising but also democratizes luxury, providing more accessible pricing options.
Enhanced amenities such as pet-friendly facilities, a culinary arts center, and wellness options cater to diverse preferences, making luxury travel more adaptable.
As this trend evolves, it promises to reshape the landscape of high-end travel for discerning adventurers.
Frequently Asked Questions
What Health and Safety Protocols Will Be in Place Onboard?
Health and safety protocols onboard will include rigorous sanitation practices, regular health screenings, emergency response training, and adherence to international health regulations, ensuring a safe environment for all residents and guests throughout their journey.
Are There Options for Family Cabins or Connecting Rooms?
Approximately 50% of travelers prefer family accommodations when cruising. Villa Vie Residences offers family cabins and connecting rooms, ensuring ample space and comfort for families seeking a unique, adventurous lifestyle while enjoying the journey together.
How Is Waste and Environmental Impact Managed on the Ship?
Waste and environmental impact on the ship are managed through advanced systems for waste treatment, recycling, and sustainable practices. These measures guarantee compliance with international regulations, promoting eco-friendly operations while enhancing the onboard living experience for residents.
What Activities Are Available for Children and Teenagers?
Like a treasure trove waiting to be discovered, the ship offers a myriad of activities for children and teenagers, including interactive workshops, sports competitions, movie nights, and educational programs designed to foster creativity and social interaction.
Can Residents Personalize Their Living Spaces on the Ship?
Residents can indeed personalize their living spaces on the ship, allowing for individual expression and comfort. Customization options enhance the living experience, fostering a sense of home while embracing the unique lifestyle at sea.
Conclusion
In the domain of luxury travel, the Villa Vie Residences' residential cruise ship stands as a shimmering beacon, inviting explorers to set off on a journey like no other.
As the tides of the cruise industry shift, this innovative vessel promises to blend the comforts of home with the allure of far-flung destinations.
With its unique offerings and community spirit, Villa Vie may well chart a new course in the oceans of luxury travel, redefining the horizons of adventure.
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