Apr, 2001 : Stampede Wordwide Inc. files chapter 11 petition

📅 April 9, 2001 - Stampede Worldwide Inc. (stampedeinc.com), a holding company with two active subsidiaries, including the Internet solutions provider Stampede Network.com, announced on Friday that it had filed a voluntary petition under chapter 11 of the bankruptcy protection code.

On March 30, the company announced that it had suspended operations in its Internet solutions, flexible staffing and retail sales subsidiaries. Despite the suspension of operations, however, Stampede Network.com will continue to offer a scaled-down version of its solutions business, and continue to provide Web hosting for its existing clients.
According to Stampede Worldwide, management recognized that generating operating funds through the sale of common stock was only a short-term solution and was not sustainable, considering the continuing downturn in the technology business.
The company does, however, intend to carry on with the planned merger of its technology training subsidiary with Specialized Solutions Inc., another provider of technical training. Stampede Worldwide believes that the distribution of 2.5 million shares of the company created in the merger is the best route for providing value to its shareholders.
The company's stock will continue to trade, though marked to indicate the chapter 11 protection. Stampede Worldwide hopes that the chapter 11 filing and restructuring will allow it to continue with future operations.

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