BlueGlass USA Is Low On Cash, High On Debt

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Digital marketing agency BlueGlass has apparently happened upon some troublesome times.

Patrick Price, managing director of BlueGlass EMEA, tweeted out this YouTube video addressing the situation:

"I know all of you have been hearing rumors about BlueGlass collapsing, folding, winding up, etc., the conference not taking place, or whatever," says Price. "As of right now, the situation is as follows: BlueGlass USA is low on cash, and has a high amount of outstanding debt - the exact amount in either case I cannot disclose because I'm not employed by the company, and we are desperately seeking for a solution to the current problem."

He continues, "Kevin Gibbons, the managing director of BlueGlass UK, and I, have stepped up towards all the current stock owners of BlueGlass USA, and have provided them with an offer to take over their stocks, and to restructure BlueGlass USA in order to fulfill as much as possible of clients' expectations and demands, trying to find new solutions for each and every one of the employees, and ensuring the continuance of the BlueGlass X conference."

"As of right now, we do not have any answers of the current BlueGlass stock owners yet," says Price. "We are confident that we are very close to a solution, and that BlueGlass USA will continue in either form or another. So will the conference, and any ongoing client project work is subject to further negotiation, and approval of stock owners, and finding new solutions."

BlueGlass was formed back in 2010, when a group of big names in the online marketing world joined forces to form a "new agency concept that combines proven online marketing strategies and results with a suite of proprietary technologies."

Some of those names have quietly left the company in recent months, perhaps a hint at things to come.

Hat tip to ShoeMoney, who shares a Facebook post from Benjamin Cook, who says the company lost its CMO and CEO last week.

Chris Crum
Chris Crum has been a part of the WebProNews team and the iEntry Network of B2B Publications since 2003. Follow Chris on Twitter, on StumbleUpon, on Pinterest and/or on Google: +Chris Crum.

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