Though Hawthorne, NY-based list firm Listworks, which abruptly closed on Feb. 1, is still not making any public announcements, on Feb. 9, Wells Fargo Loan Adjustment Group sent a letter to brokers and managers informing them to pay Wells Fargo as they would pay Listworks.
At press time, the beleaguered list firm still has not filed for Chapter 7 bankruptcy protection.
The letter, obtained by CATALOG AGE, states: “All amounts invoiced to you by Listworks are Wells Fargo’s collateral and are due to Wells Fargo in full. You may not withhold any amount for payment to another party even if Listworks is obligated to make payment to such other party. If you make payment to any other person or in any other manner other than as set forth in this letter your payment obligation will not be discharged and you will remain liable to Wells Fargo for the amount paid.”
Wells Fargo did not return calls at press time.