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Just over two years after its acquisition from Live Nation, the direct-to-fan merch store is up for sale, along with buyer and parent company Delivery Agent
By IQ on 26 Sep 2016
Delivery Agent, the parent company of direct-to-fan ecommerce site Musictoday, has gone into administration.
The San Francisco-based company’s founder and CEO, Mike Fitzsimmons, describes the move – which, like SFX Entertainment, sees it file for chapter-11 bankruptcy protection in the US bankruptcy court of Delaware – as a “very positive development for our company and our customers”.
“Through these proceedings we’re initiating a process that preserves company value, allows the company to reorganise its business affairs and establishes a necessary foundation for future growth and profitability,” adds Fitzsimmons (pictured). The company will continue to trade as normal until a buyer is found.
“Through these proceedings we’re initiating a process that preserves company value, allows the company to reorganise its business affairs and establishes a necessary foundation for future growth and profitability”
In addition to merch marketplace Musictoday, which Delivery Agent purchased from Live Nation in August 2014, also for sale are promotional marketing company Clean Fun and T-commerce platform Shop the Shows (trading as ShopTV).
In a statement, Delivery Agent – represented by financial advisors Matthew English and Howard Bailey, of Arch + Beam, and financial advisors Keller & Benvenutti and Pachulski, Stang, Ziehl & Jones – affirms its commitment to “maximising value for all stakeholders” and says it expects the sale to be completed “before the end of the year”.
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