Venture-backed BuildDirect obtains creditor protection
BuildDirect, a Vancouver-based online marketplace for home improvement products, was this week granted creditor protection as it seeks to recapitalize or arrange a sales transaction, according to a report by the Canadian Press. Venture-backed BuildDirect has negotiated a US$15 million loan from investors to continue operations while it works on its financial restructuring, the report said. Vice President of Finance John Sotham was quoted as saying the company has generated significant revenue but has not been profitable. BuildDirect was founded in 1999 by President and CEO Jeff Booth and Executive Officer Robert Banks. Sotham reported the resignation of Booth last week.
3 November 2017•1 min read
