Dick Office Supply Company, Inc. Will Close Its Operations in 2018
Quill Office Supply Co. Inc. (NYSE: QOSC) announced today that it will close its operations in 2018.
The company was founded in 2010 by Matt Quill and Andrew Smith, who both had extensive experience with the Office Depot (OD) and OfficeMax (OM).
After Quill acquired OMD, Smith continued to be involved with Quill’s sales operations.
Quill plans to focus its operations on the acquisition of a new office supply provider.
Quills customers include Office Depot, OfficeMax, Office Depot Home and Office Depot Access.
It’s also been noted that the company has not been profitable in the past year.
Quils stock has been under pressure due to its poor performance and a number of factors, including its large debt load and inability to acquire a new supplier.
In the last two years, Quill has seen its stock price decline by an average of 8.5%.
In September 2017, Quills shares dropped to $1.60.
In December 2017, the company fell to $0.70.
In March 2018, Quil announced that it had reached an agreement with the Federal Trade Commission (FTC) to resolve a class action lawsuit that claimed Quill misled customers about the availability of its product and did not follow the law.
The FTC said that the deal would prevent Quill from making deceptive statements about its products, and would help protect consumers from frivolous claims.
The company was also sued in January 2018 for its handling of a customer who had suffered from the flu.
As part of the settlement, Quell agreed to stop advertising its Quill Home and Quill Access service.
In a statement to Business Insider, Quilled said it is “deeply sorry for any misunderstanding and will continue to work to resolve any issues with customers.”
In 2018, the FTC said the company did not have adequate internal controls to prevent consumers from being misled by its marketing and promotion.
Quill also faced accusations that it did not do enough to prevent the spread of the coronavirus.
According to the FTC, QuILL failed to report that more than 500 people had died as a result of coronaviruses, and did little to prevent infections that would have been fatal.
In February 2018, an FTC investigation found that Quill failed to properly record sales and revenue in its quarterly reports.
During a recent earnings call, Quillo CEO Matthew Quill told investors that his company had taken steps to address the complaints about Quill.
“The bottom line is that we’re going to continue to do the things that are necessary to grow and survive in this business and our company,” Quill said.
On Tuesday, Quillin announced that Quills revenue would be $2.2 million in 2018, down 6% from a year earlier.
Shares in Quill closed at $6.31 on Tuesday, up $2 from a day earlier.
Quillin will close on January 3, 2019.
[Photo by Mark Wilson/Getty Images] Quills stock fell by 5.8% to $7.37 at the close of trading.