Doubledown Media, the once-rising publisher of magazines aimed at the Wall Street elite, has shut down.
are unprecedented times,” president Randall Lane wrote in an e-mail to
staffers late Monday. “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.”
Here’s Lane’s full memo:
From: Randall Lane
Sent: Mon 2/2/2009 10:35 PM
To: Randall Lane
Subject: Doubledown Media — important update
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.