Feb 26, 2018
This email was just sent out from Dan Woods to all TechShop employees. I’m posting it here because I know that many of you don’t check your email.
Dear Former TechShop Employees,
This evening TechShop's bankruptcy counsel are filing for Chatper-7 bankruptcy protection. I cannot begin to express the depth of my disappointment that we were unable to get the company cash-flow positive and positioned to service the company’s debt.
I want you to know that first and foremost among our objectives in deferring Chapter-7 filing for the past months was to find a solution where employees, instructors and other stakeholders would receive the best possible outcome given the circumstances. In the final analysis, this proved impossible, and the potential investment groups were unable to reach a satisfactory deal with secured creditors. but we felt we needed to give it our very best shot.
I am sorry. I realize those three words are of little solace and won't cure the pain. Still, I want you to know that from the bottom of my heart, I deeply regret that we didn't get the company turned around on my watch, and I continue to agonize every day over the closure and the position this left so many of you in. It sucks. I would do anything to reverse the outcome. I was only the CEO for the final 15 months, but I was the CEO when we closed. So the buck stops with me.
Please know, that regardless of your personal feelings, you can always email me directly at my personal email address: [REDACTED per Michael Erickson request].
I realize that many former employees are no longer checking their TechShop email and soon, it will be turned off altogether. Please consider forwarding this to fellow former employees at their personal email addresses.
Wishing you all the very best in your next endeavor. If I can be of assistance with letters of reference please don't hesitate to let me know.
-- Dan Woods CEO TechShop email@example.com