Retail Pro, Page-Digital File for Bankruptcy
In our previous blog about this subject I want to clarify that Island Pacific Systems which is owned by ThreeQ Holdings is not part of the Bankruptcy proceedings. Island Pacific’s products include; Island Pacific Merchandising, Island Pacific Planning, Island Pacific Store. Island Pacific Systems was sold by Retail Pro (then Island Pacific, Inc.) in 2007 to ThreeQ Holding and retained the Island Pacific name.
The following contains further clarification to the bankruptcy filing for Retail Pro:
Retail merchandise management systems vendor Retail Pro (formerly Island Pacific, Inc.) and its wholly owned subsidiaries, Page Digital, IP Retail Technologies International and Sabica Ventures, entered into Chapter 11 bankruptcy on Jan. 10.
Retail Pro has been struggling to survive over the past several years with declining sales and fewer annual maintenance renewals. On Sept. 5, the Securities and Exchange Commission filed securities fraud charges against Retail Pro and two of its former CEOs, as well as a former chief financial officer, for their roles in an accounting fraud scheme designed to falsely inflate Retail Pro’s revenues.
Retail Pro is used by some of the largest retailers in the country. Some of its customers have taken on the development, maintenance and continued growth of the product internally or through the use of third-party vendors — some of which are former Retail Pro software design and developers.
Whether Retail Pro will be able to regroup under the protection of Chapter 11, and whether investors or another company will step up and acquire it, remains to be seen.
Paul Sobota, Vice President
F. Curtis Barry & Company
Tweet This 
Delicious 
Digg 
Facebook 
StumbleUpon
Related posts
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
