User:Workingmanjack/InkStop Inc.
| Company type | Private |
|---|---|
| Industry | Retail |
| Founded | Mayfield, Ohio (2005) |
| Headquarters | Warrensville Heights, Ohio, U.S. |
| Products | Office supplies |
Number of employees | 550 (in 2009 at time of closure) |
InkStop, Inc. was an office supply retailer founded in 2005 and most recently headquartered in Warrensville Heights, Ohio. On October 1, 2009, operations were stopped until further notice by the Board of Directors.[1]
History
[edit]Beginnings
[edit]In 2004, InkStop founder and CEO, Dirk Kettlewell, was Vice President of Technology at OfficeMax, but decided to leave based on the impending move of the company headquarters to Chicago by Boise Cascade, which acquired it in 2003.[2] He took with him his eventual wife, Dawn (Callahan) Kettlewell, who was Vice President of Merchandising at OfficeMax, and several others to create InkStop, which was to be focused on profiting from mainly ink and toner sales in smaller stores giving convenience and better customer service than the competition.
Fast Growth
[edit]After its first location opened up in Independence, Ohio in 2006, InkStop grew to operate as many as 162 stores in 14 states. In April of 2009, RBC Global Capital Markets ranked the company one of the 30 fastest-growing retailers nationwide.[3]
Abrupt End
[edit]On October 1, 2009, after calls were made and a memo was sent out at the end of the day of business, all operations were ceased immediately by the Board of Directors[4], which includes former NFL quarterback Boomer Esiason[5]. The employees were not given their last two paychecks following this action.
Legal Actions
[edit]Warren et al v. Inkstop, Inc. et al
[edit]On October 4, 2009, a class action suit was filed in Ohio Northern District Court against InkStop as well as Dirk and Dawn Kettlewell for unpaid wages and benefits.[6]
DeGreen et al v. Kettlewell et al
[edit]On October 20, 2009, Keith DeGreen, a professional investment adviser, his wife, Lynn DeGreen, and their DeGreen Family Revocable Living Trust, filed a lawsuit against Dirk and Dawn Kettlewell, as well as the officers and Board of Directors of InkStop for not telling them that the company did not have enough money to pay its debts, landlords or employees. According to the complaint, only three weeks before operations ceased, Dirk Kettlewell told Mr. DeGreen that the company was financially sound, but they needed his $250,000 for the upcoming holiday inventory. Once stores closed, Mr. DeGreen asked for his money back and was told that would not be possible. Mr. DeGreen is suing for $500,000.[7]
References
[edit]- ^ InkStop abruptly closes all 152 retail stores and lays off all workers Cleveland Plain Dealer 2009-10-02. Retrieved 2009-11-03.
- ^ InkStop an Upstart Crain's Cleveland Business
- ^ http://www.crainscleveland.com/article/20090427/SUB1/904249952
- ^ InkStop Closes All Stores, Workers Stunned WXYZ-TV
- ^ http://www.nbcactionnews.com/mostpopular/story/Employees-Sue-InkStop-Over-No-Pay/tPk4kUmGvkuJuSSxoZda-w.cspx
- ^ InkStop employees file suit against company for unpaid wages and benefits Cleveland Plain Dealer 2009-10-05. Retrieved 2009-11-03.
- ^ InkStop investor suing CEO, officers and directors for misrepresenting retailer as financially healthy Cleveland Plain Dealer 2009-27-2009. Retrieved 2009-11-03.
External links
[edit]- InkStop Letter to Employees on Cleveland.com
- InkStop pays employee insurance premiums for September, coverage ended on Oct. 1 Cleveland Plain Dealer 2009-10-06.
- Warren et al v. Inkstop, Inc. et al on Justia.com
- DeGreen et al v. Kettlewell et al on Justia.com
- InkStop runs dry leaving ex-employees unpaid and unhappy St. Louis Post-Dispatch 2009-10-05.
- InkStop Inc. abruptly closes all its stores Crain's Cleveland Business 2009-10-02.
- InkStop shutters stores without warning MySanAntonio.com 2009-10-22.
- InkStop Stores Close With Little Notice KTVI FOX 2 St. Louis 2009-10-29.
- Activists demand that InkStop pay its workers' overdue wages Cleveland Plain Dealer 2009-10-28.