Business News: Auctionata Forced To Close After Failing To Find New Investors
One of the astounding things about this entire circumstance is that simply a year ago Auctionata completed a consolidation/securing with New York–based Paddle 8, and had recently taken on speculation from any semblance of Hearst Ventures and Groupe Arnault, as much as $130 million. Since bankruptcy was reported in January, Paddle 8 and Value My Stuff (another sub-company) have been effectively offered to financial backers in the United States and the United Kingdom, and they will keep working together not surprisingly. You can see all the subtleties in the authority official statement .
Things initially began to self-destruct in March 2016 when Auctionata was blamed for exchange infringement identified with representatives offering on the sale house’s own things, tossing its IPO potential into question. Powerful today, March 1, 2017, most of the 170-man staff has been ended, including CEO Thomas Hesse, and liquidation procedures will start immediately.
Story by means of ArtNet News.