Value America Files for Chapter 11

Share this article:
Value America filed for Chapter 11 bankruptcy proceedings Aug. 11 and terminated 185 employees in its retailing operation as a result. The news came in a Value America statement making little mention of anything but their Internet ventures.


The company has discontinued business, but will continue with its e-services development efforts during its reorganization. Visitors to va.com are alerted to the proceedings and instructed that any orders taken on or before Aug. 11 will be fulfilled.


"The decision to shut down our Internet retailing business was difficult," said chairman and CEO Glenda Dorchak in the statement. "Despite tremendous efforts on the part of our employees and the loyalty of our vendors and customers, it has become apparent that the prospect for near-term provinciality of a company engaged exclusively in the retail side of the electronic commerce industry is not assured."


The statement also said the company expects its Internet ventures would emerge alone from the proceedings as "it subjected its e-services business plan to due diligence reviews by potential commercial partners and received favorable feedback."
Share this article:

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

News Byte: Comcast Expanding Global Ad Delivery Through Partnership

News Byte: Comcast Expanding Global Ad Delivery Through ...

Through a partnership with Adstream , Comcast's AdDelivery Service expands its footprint across the globe.

40 Under 40 2014: Nominations Are Now Open!

40 Under 40 2014: Nominations Are Now Open!

It's time to nominate the 2014 crop of young marketing luminaries for Direct Marketing News's 40 Under 40 Awards. The deadline is Friday, June 6, 2014.

News Byte: MediaCrossing Partners with ASL Marketing on Youth Marketing Tool

News Byte: MediaCrossing Partners with ASL Marketing on ...

The digital media trading firm and marketing database company aim to help marketers target 13 to 34 year olds.