Netcentives files for bankruptcy
The San Francisco-based company said that it filed a voluntary petition for reorganization under Chapter 11, together with its subsidiaries, Post Communications and MaxMiles.
The move follows several failed attempts to stem losses at the company, including three rounds of layoffs in the past six months. It had cut its work force by 50 people to 130 last month, after slashing its work force by half only weeks earlier.
Netcentives said it plans to continue running its loyalty programs and services until it sells its assets in November. Netcentives plans to auction its customer loyalty programs, including ClickRewards, Delta SkyMiles Shopping and United MileagePlus Shopping.
It also said it agreed to sell its E-mail Marketing Group to Plum Acquisition, a company headed by Post founder Hans Peter Brondmo. The deal is subject to competitive bids and bankruptcy court approval.
The company is traded on the over-the-counter stock market under the ticker symbol "NCNT."