You may remember a few weeks ago when GOOP CEO Seb Bishop quit his high-profile job at Gwyneth Paltrow's ridiculously-named website and "lifestyle firm."
Now it seems we know why Seb decided to jump ship, and surprisingly, it's not because Gwyneth is terrible to work for. Well, at least that's not the only reason...
Radar Online reports that GOOP is in massive debt, largely as a result of extravagant spending on Paltrow's part.
According to documents revealed by Radar, GOOP took in nearly $1.5 million in 2012. Not bad. But then Gwinnie got her paws on the profits and spent every dime the company took in and more just on administrative costs (i.e., pedicures).
So GOOP was already in debt before Paltrow and Bishop spent about six figures each (or more) on the GOOP website, the newsletter and "product costs" (i.e., more pedicures).
It gets worse:
That same year, both Paltrow and Bishop received "loans to driectors" from the company coffers - about $49,000 for Paltrow and nearly $84,000 for Bishop. Not surprisingly, neither has paid back a dime.
So it's reasonable to assume that 18 months later, GOOP is still hemorrhaging money and Gwyneth is still plundering its earnings.
Now with her "conscious uncoupling" from Chris Martin almost complete, Paltrow is forcing the company to take on the added expense of re-locating its offices from London to LA.
We're beginning to understand why Bishop got out while he could. This is why celebrities shouldn't have start companies as vanity projects, people!