The Doubledown Memo
Randall Lane: 'I cannot begin to convey how heartbroken we are.'
Doubledown Media, the once-rising publisher of magazines aimed at the Wall Street elite, has shut down.
‚ÄúThese are unprecedented times,‚ÄĚ president Randall Lane wrote in an e-mail to staffers late Monday. ‚ÄúThe combination of the media depression, the Wall Street implosion and the credit slowdown were collectively too much for our company‚ÄĒprobably any company in our shoes‚ÄĒto overcome.‚ÄĚ
Here's Lane‚Äôs full memo:
From: Randall Lane
Sent: Mon 2/2/2009 10:35 PM
To: Randall Lane
Subject: Doubledown Media -- important update
Regretfully, we have some very bad news to share. The bank that's been supplying our credit line for the past year, an affiliate of HSBC, has ceased to provide working capital for Doubledown Media. Thus, this forces us to suspend operations effective immediately.
I cannot begin to convey how heartbroken we are. These are unprecedented times: the combination of the media depression, the Wall Street implosion and the credit slowdown were collectively too much for our company -- probably any company in our shoes -- to overcome.
We are owed a substantial seven-figure sum by various advertisers and business partners, but as with everyone else in media, payments to us have slowed precipitously, which is turn has crippled our ability to pay our bills on time. This slowdown also led to the bank's decision not to continue to fund the working capital.
We have approximately a dozen organizations who have actively expressed interest in some or all of Doubledown's assets - we hope to both generate money for those who are owed, and also help us save as many jobs as we can. Our assets, of course, are more than brands and products and databases -- they are the talent behind them, and we will work to place as many people as possible with the brands as they move forward.
We will meet individually tomorrow with every employee that wishes to discuss their personal situation, including getting answers on health benefits . Again, on behalf of Jim, Magnus, Wilkie and myself, thank you for working so hard during such difficult times. You are an incredible bunch of people.
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