Hereโs a copy/paste of the email I received on the matter:
Dear Customers and Vendors,
We are reaching out to inform all of you of changes
taking place at Earth Class Mail. Several months ago we were
approached with an offer to buy our company. Since then weโve been busy
performing significant due diligence and last week
the terms of sale were agreed upon. Management and employees have
worked incredibly hard to grow Earth Class Mail into the company it is
today, and we are truly excited for the opportunities this will bring.
For our customers, new ownership will mean expanded
services and an improved user experience, and for our vendors, you are
likely to see more business from us as we expand.
One condition of the sale is that the buyer acquire
Earth Class Mail in connection with a bankruptcy process. Please be
assured that this
will not impact our ability to service our customers or to
pay our vendors. Though our business is solid and generates positive
cash flow, for many years we have been encumbered with a large amount of
legacy debt that the business will not be
able to repay. While we are very proud of the products and services we
have delivered, our financial position has nonetheless hindered our
ability to expand our business and improve the services we provide.
We currently expect the bankruptcy process to be
completed in a few months. Please be assured, however, that while that
process will be going on in the background, we will continue to run our
business just like we have. Youโll see no
changes in service for customers and we will continue to pay all of our
vendors in the same timely manner we always have. Once the bankruptcy
process is complete, the legacy debt will no longer be a burden on the
business, allowing the new owners to make
investments in the company that are not possible today. Some of the
improvements you can expect to see include a significant update of our
user experience, as well as integration of our products with services
like Google Drive or Dropbox. Youโll still be
working with the same great people you have been since, unlike many
bankruptcies, our success in running a profitable business means there
will be no need for any employee layoffs.
To our customers, we thank you for giving us the
opportunity to serve you. We appreciate your business and the confidence
you have placed in us. To our vendors, we sincerely appreciate your
services and ongoing support to our business and
we apologize for any inconvenience this may cause. If you have any
questions or concerns, please donโt hesitate to contact us.
Regards,
Earth Class Mail