OrderTrust Shuttered


, a direct marketing services provider based in Lowell, MA, has ceased operations and terminated approximately 60 employees.

A small staff remains on board until the dispostion of current clients has been resolved. The company had lost approximately $45 million last year, said founder Thomas J. Litle, who came out of semi-retirement in January to resume the role of CEO when the company discovered a $10 million discrepancy in its finances.

“At that time, we were facing major challenges with Product Market Place, one of our strategically critical services,” he said in a statement. After losses associated with the service proved to be insurmountable, it was discontinued. Product Market Place was an online merchandise sourcing service.

“As the facts became known to us over the last few months, we sought every possible remedy, but we could not resolve enough of those liabilities to attract investment and to continue doing business,” Litle said. “Had we known the full extent of those hurdles in January, we would certainly have acted differently at the time, and would have advised our key investors accordingly.”

Litle said the company will not file for Chapter 11 bankruptcy reorganization but hinted that some of the services it provided may reappear at some point.

Litle is a minority investor in OrderTrust. He founded the company in 1995 and had served as chairman for the last three years.

Partner Content

Hincapie Sportswear Finds Omnichannel Success in the Cloud - Netsuite
For more and more companies, a cloud-based unified data solution is the way to make this happen. Custom cycling apparel maker Hincapie Sportswear has leveraged this capability to gain greater visibility into revenue streams, turning opportunities into sales more quickly while gaining overall operating efficiency. Download this ecommerce special report from Multichannel Merchant to more.
The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.