Gardner Davis, the attorney representing a21 in its Chapter 11 case, said it was the nation’s credit crunch that forced a21 into bankruptcy. A21 has been looking for a buyer, but potential purchasers had difficulty getting financing. “In a less chilling economic environment, this company would have never filed for bankruptcy.”
A21 has lost money every year since acquiring SuperStock, with a net loss of $2.6 million in the first nine months of the year. The company´s stock has been below $1 a share since 2004 and has been listed at less than a penny per share recently. SuperStock operated at a net loss of about $16,000 on revenue of $5.9 million in the first nine months of the year, and ArtSelect had a loss of $324,000 on revenue of $7 million. But corporate expenses made a21´s overall net loss higher.