Shop.ca has filed for bankruptcy. The Toronto-born company, which replaces its CEO six months ago, filed on June 7th, according to documents obtained by Betakit.
Despite raising $72 million CAD from 2011 to 2015, the company has barely over $1 million in cash and was on pace to run out of money by the end of August. Shop.ca bled money every year, including nearly $20 million in 2015.
The company was seeking a buyer as early as a year ago, before the new CEO. When that failed, Shop.ca laid off almost 30 employees and cut other costs as well.