Speed Commerce, Inc. Announces Board Resignations; Announces Default of the Terms of Amended and Restated Credit and Guaranty Agreement
August 31, 2016 at 10:48 pm
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On August 31, 2016, each of the members of the board of directors of Speed Commerce, Inc. provided notice of their resignations as members of the board of directors of the Company, effective immediately: Rebecca Lynn Atchison, Stephen F. Duchelle, Timothy R. Gentz, Fredrick C. Green IV, Scott A. Guilfoyle, and Bradley J. Shisler.
As previously disclosed, the Company was in default of the terms of that certain Amended and Restated Credit and Guaranty Agreement by and among the Company and Garrison Loan Agency Services LLC, as Administrative Agent and Collateral Agent, and the lenders from time to time party thereto dated as of November 21, 2014. The Company was unable to cure the defaults under the Credit Agreement, or to repay the amounts owed under the Credit Agreement and on June 8, 2016, the Lenders completed a foreclosure of all assets of the Company pursuant to Section 9-620 of the New York Uniform Commercial Code. This foreclosure left the Company without the assets necessary to meet its contractual obligations to its customers, or to resolve its remaining liabilities.
Speed Commerce, Inc. is a single-source provider of omnichannel customer experience solutions and technology for ecommerce retailers and manufacturers. The Company specializes in ecommerce order fulfillment and contact center operations, assisting ecommerce retailers. Its cloud-based fulfillment platform for order and inventory management features integration with ecommerce platforms, and automatic order importing from online marketplaces, including Amazon, Magento, and Shopify. The Company offers a range of solutions, such as e-commerce customer service, fulfillment and warehousing, and client services. Its e-commerce customer services include inbound and outbound telephone support services, order processing, upselling, and cross-selling, email inquiries, outbound marketing campaigns, database scrubbing, and market research. Its fulfillment and warehousing solutions include receiving, picking and packing, shipping, inventory management, returns management, and cross-docking.