15-September, Brisbane (US) – Previously evaluated as a billion dollar business, the US-based company Mode Media (previously known as Glam Media) now abruptly closes business down. They advertised themselves as one of the best US media companies until the end. Even staff was unaware of sudden closure.

Last year they made $90m and projected $100m for this year but they are closing their doors. A lot is unclear here, but seemingly they had more financial problems than revealed to the public.

They leave investors and partners troubled, as they are unlikely to be to pay off their debts and are on the way to bankruptcy. There has not yet been an official press release from Mode Media as of now.

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Photo credit: Chris Diers
Source: Peter Kafka (ReCode) / Deborah Gage (Wall Street Journal) / Crunchbase

 

Hi there and thanks for reading my article! I’m Chris the founder of TechAcute. I write about technology news and share experiences from my life in the enterprise world. Drop by on Twitter and say ‘hi’ sometime. 😉