Gigaom ceases all operations as it is unable to pay creditorsBy Shawn Knight
Gigaom, one of the better tech publications on the web, has ceased all operations. A post on the site's main page points out that it was recently unable to pay its creditors in full and as a result, they're working with creditors to come up with a solution (the creditors have rights to all of the company's assets as collateral).
Gigaom said it doesn't yet know what the creditors intend to do with the assets or if there will be any future operations using said assets. The company isn't planning to file bankruptcy but based on the wording used, the future isn't looking too bright at the moment.
A separate post on founder's Om Malik's personal site said this is not how you want the story of a company you founded to end. Despite leaving Gigaom over a year ago, Malik took the time to thank everyone that helped make the site what it was including its faithful readers.
When it rains, it pours.
News of Gigaom's closure comes just over a month after AOL folded Joystiq and The Unofficial Apple Weblog (TUAW) into Engadget. Joystiq managed to hang around as part of a new project on Engadget called Joystiq X Engadget. TUAW's archived content is being merged with Engadget as we speak although the entity will no longer publish new stories.
Image via Flickr