PennySaver recently acquired by OpenGate Capital closed the doors of the PennySaver laying off over 700 employees. Many of the employees having worked for the company for over 10 years.
There is no comment from the OpenGate or any of the executives left with with Open Gate/PennySaver.
I am sure there are businesses with insertion orders for advertising in the weekly publication.
This is the press release from OpenGate, The founders Brandon Ligthart and Matthew Kinser, sold the company, in 2013, the acquisition . PennySaver USA was acquired by OpenGate Capital in September 2013 and completed in May 2014. Liz Gaier, PennySaver USA’s CEO. The latest blog posting has no mention of the closing.
PennySaver USA provides print and digital, hyper-local marketing and advertising services to California-based and nationwide customers. PennySaver USA is one of the largest and most well-recognized weekly local advertising publications in North America. The business serves more than nine thousand unique advertising customers, distributes 85 million inserts, and reaches more than nine million households weekly. The digital division of PennySaver USA provides marketing products and services that target consumers on desktop, tablet, and mobile applications. The online classifieds, coupons and business directory website, PennySaverUSA.com, hosts nearly 4.4 million listings nationwide and offers several advertising options. The digital division also supports thousands of small and medium sized businesses by providing full-service website hosting and creation, SEO, and business directory listing management services under its PowerSites® and Local Business Listings product lines. The division also provides qualified lead generation services via SEM (search engine marketing) and interactive display advertising.
The Monthly Mailer will continue to operate from its Hermosa Beach headquarters and all employees will stay with the business.
OpenGate Capital Media Contact
Telephone: +1 (310) 432-7000
OpenGate Capital Business Development Contact
Telephone: +1 (310) 432-7003
PennySaver USA Media Contact
Telephone: +1 (714) 577-4367
OpenGate has locations in Los Angeles:
INVESTOR RELATIONS & MEDIA INQUIRIES
Ms. Alanna Chaffin
+1 310 432 7000
10250 Constellation Boulevard, 17th Floor
Los Angeles, CA 90067
Tel: +1 310 432 7000