PennySaver went out of business when the company's lender stopped funding the business. The California-based coupon advertiser was unable to find further funding and was forced to cease operations and lay off over 600 employees.Continue Reading
PennySaver CEO Ronald Myers indicated that the company was experiencing financial difficulties, but it was pursuing alternatives when funding ceased. The closing came as a surprise to Myers and most PennySaver employees.
Founded in Huntington Beach, California, in 1962, PennySaver had been in business for over 50 years before shutting its doors May 22, 2015. At the time of the closing, employees were escorted from the premises and were later informed that they would not be receiving their final paychecks or accrued vacation pay.Learn more about Corporations