Skymall Filing Chapter 11 Bankruptcy
If you’ve flown any major airline here in Greensboro, NC or elsewhere in the U.S. in the past several years, you’ve undoubtedly stumbled upon a SkyMall magazine. SkyMall provides passengers with a unique shopping experience and even more unique gifts for purchase. Sadly, SkyMall filed for relief under Chapter 11 of the Bankruptcy Code in November 2014.
Its largest supporters, including Delta Airlines, have ended their subscriptions due to decreased customer interest here in Greensboro and throughout the rest of the country. The decision is attributed to the use of in-flight internet connectivity available to all North Carolina passengers as well as other activities such as e-readers and games, which help to combat the monotony of staring at the back of the seat in front of you.
SkyMall's Bankruptcy Case
SkyMall reported retail revenue of about $37 million in 2013 but had decreased to 15.8 million in the first nine months of 2014. It listed assets between $1 and $10 million in its bankruptcy petition with total liabilities of approximately $12 million. In January 2015, the company laid off 47 employees, about 33% of its total work force. The future of the company is still uncertain, as the company may have a potential buyer, but a deal has yet to be agreed on. Until then, you may want to start stocking up on essentials like this Serenity Cat Pod for your cat to hang out in when you're away from your Greensboro, NC home.