“I haven’t posted anything for a few days and I wanted to provide a brief update. We don’t have a signed agreement yet, but the framework has been established and we received an important set of documents last night. With Christmas just 9 days away and many people leaving offices early we are working through the weekend as we have for the past month to finally deliver the news of when shops will be reopening.
This week has been a frustrating week for everyone involved and I feel things got out of hand on social media. This has been an interesting transaction from the beginning to say the least. I felt there was a need to communicate with the community 2 weeks ago when the MOU was agreed to and even before, but typically the entire deal would have been agreed to prior to an announcement. I wish we would have been able to do that and if we had, I think the shops would have already started opening back up. I appreciate all of the feedback each of you have provided and the open communication will resume, but at this time we need to focus on completing the transaction.
Thank you for your patience as we work to reopen Tech Shop.”
Doug Busch commented, Doug is an independent Director on the board of TechShop, Inc., and one of the earliest and larger individual investors (and posted the MOU PDF), so it appears there is some movement on something now.
My guess is that is if a sale happens, more documentation, transparency, and due diligence is now happening, more past debts and monies owed to contractors and staff, more likely.
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