Shop.ca Has Filed for Bankruptcy
According to Betakit.com, Shop.ca has filed for bankruptcy. After many attempts to right the ship, including hiring a new CEO, the Toronto-based company continued to struggle and filed for bankruptcy on June 7th.
Betakit.com discovered documents that showed that shop.ca submitted a notice to the Office of the Superintendent of Bankruptcy Canada asking for an order to approve: an extension and protection from creditors until July 16th in order to complete the sale of Shop.ca and it’s assets.
Additionally, the Betakit article dives into Shop.ca’s financial status which highlights the fact that as of June 5th, 2016 Shop.ca has approximated $1.5 million in cash remaining, down from $2.3 million from a couple months earlier. Furthermore, Betakit highlights that in Shop.ca’s own projected expenses the company will have less than $100,000 by July 16th, and will have depleted all cash reserves by August 2016.
The Betakit article is very substantial, if you are interested further you should read it here.