A TrackingPoint tipster writes:
I cannot give you my name as I was a former employee and still looking for employment and do not want this to bite me in the rear. But I wanted you to know first. As you know TrackingPoint went though a “corporate restructuring” at the end of February, where they laid off between 45 and 60 percent of the company. Fast forward ten weeks, and they had another board meeting on Friday . . .
This morning the website was updated (as above). The owner – John McHale – pulled the four month CEO Frank Bruno’s name tag off the door walked in and shut the door.
The exact same scenario as what went down in February with the small groups of managers. It appears that likely everyone will be let go today as they will claim bankruptcy, so they don’t have to pay back that millions and millions that investors have dumped into this company.
It appears they may run a small skeleton crew of a few people to get everything wrapped up – normal for a bankrupt business. However, TrackingPoint is finished.
TTAG tried calling them. Sales and customer service went straight to voicemail. Emailed PR. No response. We’ll update you as we hear more info.
If TP does go belly-up, it’s a shame. Great technology that would sell like hotcakes if it were smaller and cheaper. But then if my grandmother had wheels she’d be a trolley car. As they say.