Apparently it's a result of a VC firm refusing to pay their bills.
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Apparently it's a result of a VC firm refusing to pay their bills.
A profitable, functional business that was serving a community and employing 10+ people is closed because a VC firm decided it was better to stop paying the bills than to keep *earning a profit* from this functional business.
What a world.
@ajroach42 I think that was the surprising recurring thing about finally reading Sin Patron stories from ~2002 what felt like early days of PE - basically all these functioning companies/factories were treated as inconvenient bookkeeping fantasies by their owners, ready to throw into bankruptcy and sell off the assets behind the courts backs (or out the front door) if it was worth a penny more than paying workers half.
@loppear In this case they didn't even strip it for parts or anything, they just picked some bills to stop paying, and eventually got sued into stopping operations.
@ajroach42 Where I used to live, we had a Cincinnati Chili (specifically, Skyline) place close for carpet cleaning for the weekend, and just before that they paid all the employees cash because they said they were switching over to a new payroll system but it wasn't set up yet.
The owner not only skipped town, but skipped country, fleeing to UAE. Apparently, he also owned two other places and had in the months beforehand burnt those down for insurance money. The investigation was almost done and he could feel the noose tightening, so decided it was time to get out.
At least he paid his employees before ghosting?
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