IceCap, a once popular lighting company that is headquartered in the United States is out of business. In a letter to their customers, Chuck Troiani stated that they have suspended operations. Chuck goes on to explain: “Unfortunately, we finally hit a trough in our business cycle due to several factors that impaired this business to the point where we could not and cannot recover. Therefore, by the direction of the IceCap, Inc. Board of Directors we have suspended operations.” Times have certainly changed, as IceCap used to be the leader in aquarium lighting equipment with their popular line of Metal Halide lights, however with the advent of LED lighting and the poor business planning contributed to IceCap’s demise. However, it looks like IceCap is seeking a buyer of the brand along with a new management team, investors, and/or owners. This announcement comes less than a month after we learned their assets were purchased by the factoring company Millennium Funding. Apparently that effort did not work as planned and this is less than two months from when we originally reported IceCaps problems. Check down below for the full email sent to their vendors.
Dear Valued Customer,
First, I would like to extend a Happy Holidays and Merry Christmas to you, your
family, and employees. I know this comes somewhat bitter sweet as many of you
have attempted recently to contact IceCap, Inc. with little to no success. For
that I am truly sorry.IceCap, Inc. has been around for about 20 years and many of you have been
dedicated and loyal customers of IceCap, Inc. through the ups and downs over the
years. Unfortunately, we finally hit a trough in our business cycle due to
several factors that impaired this business to the point where we could not and
can not recover. Therefore, by the direction of the IceCap, Inc. Board of
Directors we have suspended operations.What this means is we are aggressively and actively seeking opportunities to
keep the IceCap brand viable in the markets and with the customers we have
served over the past 20 years. In doing so, we expect to bring closure to this
process within 60 days and plan to align the new management team, investors,
and/or owners with our valued customers in hopes this continuation of business
and the relationship with the IceCap brand will mitigate the effects of recent
events.In the interim, please direct all inquiries to [email protected].
Please allow 48 hours for a response depending on the e-mail volume. Thank
you!Again, my apologies for the situation.
Regards,
Chuck Troiani
IceCap, Inc.
(adsbygoogle = window.adsbygoogle || []).push({});
