*Instead, the founders of the Bay Area start-up are accused of spending company money on vacations, sports cars, their San Francisco rents, weekly apartment cleanings, meals out and a visit to a strip club. *
*According to a lawsuit filed by a former employee, the company was a “sham” and the founders, brothers Marcus and Mitchell Weller, expensed their lavish lifestyles. When the money ran out last week, the company shut down. *
Clowns in management. The circus is entertaining though.
Per an article: We’re disappointed Skully has closed its doors," Intel Capital said in a statement provided to the Business Journal. "We’ve been focused on the company’s success for nearly two years and have recently been trying to negotiate a funding round to keep it going."
Figures they'd be throwing good money at the bad. This just seems par for the course.
We’re told by a source inside the company that as of Monday, investors from Intel Capital determined it was better to just shut the whole company down instead.
Forgot the link:
http://www.latimes.com/business/la-fi-tn-skully-20160810-snap-story.html