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EcommerceBytes-NewsFlash, Number 2574 - June 28, 2011 - ISSN 1539-5065  3 of 5 
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The company explained in its filing with the SEC, "Following the acquisition of Geneva, the economic downturn and a low buyer adoption rate of online inventory sourcing have created ongoing losses that are not sustainable for Liquidity Services." According to Wall Street firm Janney Capital Markets, the downturn caused the bankruptcy of its largest client. Liquidity Services has initiated consultation with employees as a result of its proposal to close its UK operations. The consultation period is scheduled to end on July 25, 2011. During the consultation period, sales will continue as normal. The company said if consultation does not avert the closing of operations, Liquidity Services would ensure an orderly transition in the coming months and would expect to have the process substantially completed by fiscal year end 2011. |
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About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. |
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Liquidity Services Acquires TruckCenter.com - May 27, 2011
