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Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare.
Lot of talented folks in Seattle and beyond who'll be looking for new gigs.
So they WeWorked it. Instead of focusing on long-term growth strategy for a very good and sustainable business, the top management decided to get rich quickly, destroying the company. But I am sure they did get rich quickly.
Also see: Bed Bath & Beyond
(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…
start-up idea if anyone is bored: disrupt car shipping. When I moved from Seattle to Raleigh shipping my car was BY FAR the biggest headache. It's a 20th century business where you have to call people, who will bid for you, and you have no idea if your bid is accepted. Agents will promise a low price to get your business, then tell you a week later that bid was too low, you need to double it. I eventually just gave u…
You place anything you need shipped on there and various shippers can bid without having to go through a broker.
"The appetite for venture funding of freight brokerages has been dead for over a year and is partially responsible for the reason Convoy has failed. VC investors have woken to the reality that freight brokerage is not venture-investible." So they WeWorked it. Instead of focusing on long-term growth strategy for a very good and sustainable business, the top management decided to get rich quickly, destroying the compan…
Is this why BBB failed? My perception is that the retailer was stuck in 2000. The stores always felt stuffy.
(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…
That should be illegal.
How much are the executives making from this?
I'm really sorry you're in the middle of this. I hope you can find a better job soon.
start-up idea if anyone is bored: disrupt car shipping. When I moved from Seattle to Raleigh shipping my car was BY FAR the biggest headache. It's a 20th century business where you have to call people, who will bid for you, and you have no idea if your bid is accepted. Agents will promise a low price to get your business, then tell you a week later that bid was too low, you need to double it. I eventually just gave u…
"The appetite for venture funding of freight brokerages has been dead for over a year and is partially responsible for the reason Convoy has failed. VC investors have woken to the reality that freight brokerage is not venture-investible." So they WeWorked it. Instead of focusing on long-term growth strategy for a very good and sustainable business, the top management decided to get rich quickly, destroying the compan…
"The appetite for venture funding of freight brokerages has been dead for over a year and is partially responsible for the reason Convoy has failed. VC investors have woken to the reality that freight brokerage is not venture-investible." So they WeWorked it. Instead of focusing on long-term growth strategy for a very good and sustainable business, the top management decided to get rich quickly, destroying the compan…
> Bed Bath & Beyond Is this why BBB failed? My perception is that the retailer was stuck in 2000. The stores always felt stuffy.
"The appetite for venture funding of freight brokerages has been dead for over a year and is partially responsible for the reason Convoy has failed. VC investors have woken to the reality that freight brokerage is not venture-investible." So they WeWorked it. Instead of focusing on long-term growth strategy for a very good and sustainable business, the top management decided to get rich quickly, destroying the compan…
And in the end, what do we expect? The executive classes show up, buy their way into these firms that are struggling but have some intellectual/data/brand assets, and the executives slam them into the ground, sell the valuable pieces that fall out, and then sail away to buy their way into other businesses. I was always told growing up that if you failed in business you lost money but it seems once you get to a certain size of business, you can count on either free money from the Government to keep the ponzi-scheme that is our economy these days from toppling over dead, or at the very least, sell the scrap components of a business you didn't build for other companies to hoard until they too collapse.