Gigaom is shutting down amid reports of financial issues

03/10/2015 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

San Francisco – Tech blog Gigaom is reportedly set to shut down amid revelations about the company’s financial issues. As reported by WebProNews, the blog’s management recently revealed that it was not able to “pay its creditors.”

Gigaom management stated of the steps being taken to shut down, “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 team also expressed that the company did not intend to file for bankruptcy and thanked readers for ongoing support.

Founder of the site, Om Malik, has stated that the assets of the company are now in the control of lenders. Malik wrote in a blog post, “It is not how you want the story of a company you founded to end.”

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