RIP, purveyor strange gadgets you don’t need but inexplicably desire. The catalogue retailer cited the changing retail environment for its demise.
Ammon Beckstrom / Via flic.kr
The iconic in-flight magazine SkyMall filed for bankruptcy today, saying the increasingly competitive, constantly changing retail environment had pushed it out of business.
The magazine has struggled to keep up with changing technology, continuing to focus its business on hawking kitschy, often useless items for sale from the back seat pockets of airplanes while its customers transitioned to buying online and with their mobile phones.
The bankruptcy filing was first reported by the Wall Street Journal
SkyMall's revenue was sliced almost in half after the rapid rise of mobile phone and Internet use on airplanes, falling from $33.7 million in 2013 to $15.8 million in the first nine months of 2014, the Journal reported.
Leaking money, the magazine has been passed among several private equity firms and media companies. Xhibit Corp bought the company in 2013.
via IFTTT
No comments:
Post a Comment