TechShop has announced that it is filing for Chapter 7 bankruptcy and will close all of its locations across the country immediately. The company filed for bankruptcy on Wednesday, November 15, and the CEO sent a memo to all of its locations notifying them of the filing. There are 10 locations across the country that will close as well as a small corporate facility.
The company also has locations overseas, but the CEO noted in the memo that they will remain open because they are owned by licensees overseas and not in the United States.
Some locations in the United States that will close include one in Pittsburgh and three in California. One of the three in California includes the company’s original location, which opened in 2006 in Menlo Park. TechShop operated as a creative space where anyone could join for a yearly fee. Once paid, the member would have access to all types of machinery and other items to make whatever they wanted or needed.
All of the company’s locations across the country have closed their doors as of November 15. The company told its members that if they want a refund on their membership fee they will need to reach out to the trustee who is taking care of the bankruptcy for the company.
Filing for Chapter 7 bankruptcy does not have to be the end of the road for your company. Consulting with an experienced bankruptcy attorney can help your company navigate the bankruptcy process and figure out a plan for remaining in business once it is complete.
Source: Pittsburgh Post-Gazette, “TechShop to close all U.S. locations immediately, filing Chapter 7 bankruptcy,” Courtney Linder, Nov. 15, 2017