Investors of Bill the Butcher Inc (OTCMKTS:BILB) might find their investments in the company sinking deeper as the company is doing everything to disappear.
Indications of closure
The company’s official website is already on sale, which in itself, shows that the very existence of this company is in question. The company had launched this site earlier with the intent to launch online sales program. However, the news of the sale of the site comes confirms that the company has ditched its plans.
In December last year, several news reports surfaced stating that the company has locked down its Seattle-area stores. Even the former employees of the company reported having sued for their unpaid wages amounting to $50,000. The company’s CEO J’Amy Owens has vanished just after it received $100,000 of a tax refund. However, Owens chose to disappear instead of utilizing the said fund for clearing employee’s pending payroll payments.
Breached court order
Owens act marks as a breach of court order, which was issued in November by a King County Superior Court that barred him from withdrawing or spending the tax refund amount in any manner.
The company came into existence in 2009 with the objective to support small farmers and ranchers and enable them to use sustainable meat production practices. The company progressed into opening its new Shops in Edmonds, Wash. and Seattle neighborhoods. As per the most recent financial statements filed by the company with the Securities Exchange Commission (SEC), its sales for the quarter ended on May 31, 2014, stood at $494,000, up from $248,000. Same-store sales were reported to have surged by 48% year-over-year.
Despite the rosy financial background, the company is already marked as a delinquent one on the OTC marketplace. As investors have already grown suspicious about the company, its stock tossed away 36.36% of its value to $0.00560 during the previous trading session.
