LaGarde Inc., which develops eCommerce software, has filed for Chapter 11 bankruptcy as part of a plan to sell the struggling Olathe, KS, company, which is negotiating with a "very well-qualified buyer," CEO Bob LaGarde said.
He wouldn’t release the name of the buyer, but characterized it as a reputable company that sells related software and is not based locally. An acquisition plan could be filed as soon as Nov. 18, he said.
He thinks the buyer can repay all, or at least most, of his company’s debts.
"The products and services they’ll be acquiring and operating here will be significant and important to their overall company," LaGarde told the Kansas City Business Journal. "I don’t think they’d be doing it if they didn’t feel there was a significant growth opportunity."
In conjunction with the bankruptcy filing, the company laid off about 20 employees. It now employs about 27 people, compared with 110 in early 2007.
The buyer plans to maintain operations in Olathe. Bob LaGarde’s involvement has yet to be determined, he said.
Monday, November 17, 2008
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Another article is available where a potential buy is named:
http://www.internetretailer.com/dailyNews.asp?id=28485
The potential buyer mentioned is Dydacomp, the well-known order management/fulfillment vendor of the Mail Order Manager and SiteLINK eCommerce platforms.
This could be a major repositioning for Dydacomp, if it goes through.
Stay tuned!
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