In-flight catalog business filed for bankruptcy
Posted on Monday, February 2nd, 2015 at 6:28 pm
American in-flight catalog company SkyMall recently filed for Chapter 11 Bankruptcy after experiencing operational and financial hardships, the LA Times reported on January 23.
According to the company’s acting CEO Scott Wiley, SkyMall’s hardships were caused by the continuous evolution of technology, business changes and the retail industry. Plane travelers, Wiley continued, seldom browse the catalogs containing novelty item products found in plane seats due to the rise of gadget use while on-board. SkyMall reportedly held estimated assets between $1 and $10 million, while its debts listed reached $12 million. Earlier this month, SkyMall closed its publication business and dismissed dozens of employees after its revenue plummeted last year.
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