One month after the Shooting Gallery folded beneath the weight of mounting debt and a flurry of lawsuits, its parent company, Itemus, has capsized.
The Toronto tech company has filed for bankruptcy and the board of directors has resigned.
In a letter to shareholders Tuesday, Itemus prexy Jim Tobin held the Shooting Gallery largely responsible for his company’s demise.
“The fall of Itemus will be blamed on the company doing too much too fast, on poor markets and on strategic and tactical moves that in hindsight were ill-conceived,” Tobin wrote. “In my view, Itemus would have withstood all those challenges if we hadn’t encountered so many ‘bottomless’ problems related to our Gallery acquisition.”
Tobin said he will recommend that Itemus trustees pursue legal action against “appropriate persons in the Shooting Gallery context.” The shingle has already been hit with at least eight other suits from various creditors.