Troubled Events Startup to Restructure After Sale Effort Fails
- London-based company says consumer divisions may be sold
- Pollen unit drew criticism from customers over canceled events
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Streetteam Software Ltd., the parent company of travel-and-events startup Pollen, is restructuring after attempts to find a buyer collapsed in the wake of its failure to pay vendors and employees.
“The management team have been in ongoing negotiations with a potential buyer for the parent company but have been unable to agree to terms in an appropriate time frame, leaving the board and shareholders agreeing the best option is to restructure the business,” Streetteam said Tuesday in a statement. The closely held London-based company said it hired Kroll LLC to “administer its restructuring.”