Overend, Gurney and Company
Ok kiddo, I'll try to explain this to you like you're five years old.
Have you ever played a game of pretend store with your friends? You pretend to sell things, like toys or candy, and your friends pretend to buy them with pretend money.
Well, Overend, Gurney and Company was a real store that sold things to other grown-up stores. They were like a middleman - they would buy things from other companies and then sell them to stores that needed those things.
But sometimes, Overend, Gurney and Company would buy too much of something or they would spend too much money on fancy parties that they threw. Then, they didn't have enough money to pay their bills or the people they owed money to.
So, just like you might have to ask your parents for money when you spend too much at the pretend store, Overend, Gurney and Company had to ask the people they owed money to for more time to pay them back.
But eventually, they couldn't pay everybody back and they went bankrupt. This means they had to close down their store and the people they owed money to didn't get all of their money back.
So, just like you and your friends might learn to be careful with your pretend store money, Overend, Gurney and Company learned that they had to be careful with their real store money or else they might go bankrupt.
Have you ever played a game of pretend store with your friends? You pretend to sell things, like toys or candy, and your friends pretend to buy them with pretend money.
Well, Overend, Gurney and Company was a real store that sold things to other grown-up stores. They were like a middleman - they would buy things from other companies and then sell them to stores that needed those things.
But sometimes, Overend, Gurney and Company would buy too much of something or they would spend too much money on fancy parties that they threw. Then, they didn't have enough money to pay their bills or the people they owed money to.
So, just like you might have to ask your parents for money when you spend too much at the pretend store, Overend, Gurney and Company had to ask the people they owed money to for more time to pay them back.
But eventually, they couldn't pay everybody back and they went bankrupt. This means they had to close down their store and the people they owed money to didn't get all of their money back.
So, just like you and your friends might learn to be careful with your pretend store money, Overend, Gurney and Company learned that they had to be careful with their real store money or else they might go bankrupt.