Gigaom Shuts Down, "Unable to Pay Its Creditors"

Josh WolfordBusiness

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Prominent tech blog Gigaom is shutting down, after it revealed it "recently became unable to pay its creditors".

Here's what Gigaom management had to say Monday evening:

Gigaom recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy. We would like to take a moment and thank our readers and our community for supporting us all along.

The site's founder, Om Malik, says that his company "is winding down" and that its assets are controlled by the company’s lenders at this point.

"It is not how you want the story of a company you founded to end," he writes in a blog post.

"There will be time for postmortems, but not today. Today, I want to thank all the people who make (and have helped make) Gigaom. Their role in this journey was what really made it all worth it. They are great people and they will all do great work wherever they go. I want to thank our investors who believed in the business long before it became fashionable. And most importantly, I want to thank you dear readers for coming along on this trip of a lifetime," he says.

Om Malik launched Gigaom in 2006. He left day-to-day operations at Gigaom in February of 2014.

Image via Olivier Ezratty, Wikimedia Commons

Josh Wolford
Josh Wolford is a writer for WebProNews. He likes beer, Japanese food, and movies that make him feel weird afterward. Mostly beer. Follow him on Twitter: @joshgwolf Instagram: @joshgwolf Google+: Joshua Wolford StumbleUpon: joshgwolf