How do you make 800 million in sales...and have a market cap of a million
It helps if you are losing $25 million a quarter. This was a hot little puppy back in the days...
biz.yahoo.com
Tuesday November 20, 8:37 pm Eastern Time
Press Release
SOURCE: Valley Media, Inc.
Valley Media Files for Protection Under Chapter 11 of the U.S. Bankruptcy Code
WOODLAND, Calif.--(BUSINESS WIRE)--Nov. 20, 2001--On November 20, 2001, Valley Media, Inc. (Nasdaq:VMIX - news; the ``Company'') filed a voluntary petition for relief under Chapter 11 of the federal bankruptcy code in the United States Bankruptcy Court (the ``Court'') for the District of Delaware. No trustee, receiver or examiner has been appointed, and the Company will act as debtor-in-possession while being subject to the supervision and orders of the Court.
On November 16, 2001, the Company further reduced staffing levels at its Woodland, CA facilities by approximately 200 employees. Valley previously furloughed substantially all of its employees in its Louisville, KY distribution facility in October 2001. The Company plans to seek Court authorization to enable it to continue to support its customers from its Woodland, CA, distribution facility, and to provide for its post-petition trade and employee obligations during this process. |
