One of our customers, Neckermann.de GmbH, has announced that it has filed for insolvency proceedings in Frankfurt, Germany. In the first quarter of 2012, Neckermann accounted for 12% of our revenues. In view of the very early stage of these proceedings, we are not currently in a position to determine the effects of these proceedings on our business.
Ouch...massive pain to a company that is already ridiculously over-valued. See you at $10.
Just filed clarification that the company in question represented 10% of revenue for the recently completed quarter and they were paid in full.
"The Company has reached an agreement with Neckermann and the preliminary insolvency administrator of Neckermann whereby Neckermann will prepay the Company's base and other subscription fees per the current contract rates on a bi-weekly basis from July 19, 2012 through the balance of the third quarter provided that Neckermann continues to conduct its online retail business."