Business News: Auctionata Files For Insolvency, Reportedly Has Not Paid Salaries Since December
The thought itself was a fascinating one, yet there were consistent cases helpless assistance, phony or mislabeled items, and absence of installment in the watch division. In any case, Auctionata has raised more than $45 million from any semblance of Hearst and MCI Capital, cash that will currently go to repay the compensations of the company’s workers. The arranged deals – and there are many – will proceed as the bankruptcy technique starts as the property recorded doesn’t have a place with Auctionata yet the consignors.
Finally, the news is especially stunning in light of the fact that it was only a half year prior that Auctionata completed a consolidation/securing with NY-based Paddle8. The word is that Paddle8 will be bought back by its unique originators because of a generous investor.
So the inquiry presently becomes – who’s courageous enough to offer in the Auctionata January 27 watches deal ?
Story through ArtNet News .