The Parent Company files for bankruptcy

Share this content:

The Parent Company and nine of its subsidiaries, including and, have filed for Chapter 11 bankruptcy in the US Bankruptcy Court in Wilmington, DE.

“This action is an unfortunate but necessary and responsible step to preserve the company's value for our stakeholders in light of the ongoing challenging retail environment,” said Michael Wagner, CEO of The Parent Company, in a statement.

The Parent Company is working with investment banking firm Oppenheimer & Co. to look at strategic alternatives, including a sale of some or all of the company's businesses. The company's Chapter 11 counsel is Pachulski Stang Ziehl & Jones LLP, and the company's financial adviser is Clear Thinking Group LLC.

In addition, on December 24, the company received a Nasdaq Staff Deficiency Letter notifying the company that it was not in compliance with the requirements for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(14) because of the company's failure to timely file its Quarterly Report on Form 10-Q for the period ended November 1.

The company has 60 days, until February 23, to submit a plan to Nasdaq to regain compliance. Following any such submission, Nasdaq may provide the company with up to 180 days (until June 22) to regain compliance.

In November, The Parent Company launched as a shopping comparison site for toys. Users were able to search by item and see results showing the different retailers offering what they're looking for. At that time, Wagner said had the participation of all but one of the major toy retailers.


Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

USAData helps businesses find new customers and grow their current customers through a combination of data and digital marketing services, and easy-to-use SaaS technology products. We enrich customer data so businesses can more effectively target and communicate with customers, and connect them with their best look-alike prospects through digital and traditional channels. We make it easy through simple, self-serve applications and APIs, as well as through full-service programs managed by our Data and Digital experts. 

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above