Unfortunately 60+ staff members of Toronto-based Ariad Communications found themselves locked out of the company’s office last Monday morning and greeted to a notice stating the company had been filed for bankruptcy and immediately shut down.
Ariad was acquired by High Road Capital back in July 2015 for an undisclosed sum, and had good growth over the last two years despite being faced with some turn over problems.
Some have speculated Ariad’s closing is due to the drastic changes we have been seeing within the advertising industry over the last few months, but we have confirmed the staff were not given advance notice, nor were they provided compensation packages.
Update: We reached out to the BlueSpire & High Road Capital for comment.
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