Cambridge Analytica Liquidates Assets, Tells Staff to Vacate London Office
23 May 2018 - 3:55AM
Dow Jones News
By Jenny Gross
LONDON -- Cambridge Analytica LLC, the firm at the heart of
Facebook Inc.'s data scandal, is liquidating assets and has asked
workers to vacate its London office.
Crowe Clark Whitehill LLP, the administrator for the firm, said
it marketed Cambridge Analytica's business assets to potential
buyers to stave off liquidation, but no acceptable offers were
made. It said because of that, it has terminated employment
contracts of U.K. staff Tuesday.
Representatives for Cambridge Analytica didn't respond to
requests for comment.
Earlier in May, the company said it was ceasing operations after
allegations of misuse of Facebook data led to a sharp drop in
business. Employees continued to work in the London office as the
firm searched for a buyer. Cambridge Analytica's bankruptcy
documents, released late last week, list Facebook as a creditor.
Employees said this was likely because the company owed Facebook
money for ads but hadn't paid.
Cambridge Analytica was backed by Rebekah and Jennifer Mercer,
daughters of hedge-fund billionaire Robert Mercer. Representatives
for the two weren't immediately available to comment.
Write to Jenny Gross at jenny.gross@wsj.com
(END) Dow Jones Newswires
May 22, 2018 13:40 ET (17:40 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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