Adbrite will be closing its doors on February 1st 2013 after failing to secure itself a buyer as we add yet another causality to the list of companies forced out of business by the crumbling economy.
Not only is CEO Hardeep Bindra telling partners of the company’s plans to cease trading but an email was distributed to publishers and advertisers this evening, making the rumour official.
Here is the email publishers received:
Dear Adbrite Publisher,
Over the last few weeks, adBrite and its management have been evaluating the go-forward plan for the business. Given market conditions and certain financial liabilities, in working with our lenders, we have decided to cease operations on Feb 1, 2013.
This is a difficult decision for all of us at adBrite. However, after much deliberation this seems to be the best course of action despite the impact it will have on all the employees, clients and partners who helped build this business. There will be a team in place as needed to assist with winding down.
Thank you for being part of the adBrite community.
The adBrite Team
Although it is rather shocking to learn that a company of Adbrite’s stature is being forced to close down, I was more amazed that the company only employed 26 staff.
It does seem like this has been coming for a while as Hardeep Bindra claimed that when he came into the company in April 2012 his orders were to set the company up to be sold, according to news reports nobody was interested in the whole company so it is being sold off in bits.
I can not help but wonder what will happen to the money the many publishers have already earnt that has not yet been paid? Will we be seeing any of it? Or will we have to bid adios to it and write it off to experience?
Are you an Adbrite Publisher? What are your thoughts on them going out of business?