(Bloomberg) -- Grandparents.com, Inc., a digital media company that caters to senior citizens, has ousted Chief Executive Officer Steven Leber as it pursues a restructuring or sale after filing for bankruptcy earlier this month.
"We firmly believe that the reorganization actions announced today will allow Grandparents.com to become a financially stable company with a solid foundation necessary to continue the pursuit of our strategic initiatives," said Chief Restructuring Officer Joshua Rizack in an April 14 statement.
Shares of the New York-based business are worth less than a penny, down from a high of almost $17 in 1996 when it went public as a laboratory equipment maker called Pacific Biometrics, Inc. In 2011, it filed to change its name to NorWesTech, Inc., and in 2012, to Grandparents.com. Former American International Group Inc. CEO Maurice “Hank” Greenberg, 91, led an effort in 2013 to help the company pitch insurance coverage to seniors.
For the three months ended Sept. 30, 2016, Grandparents.com reported revenue of less than $150,000 -- a drop of 30 percent from the prior year -- and a net loss of about $2.7 million. It also had an accumulated deficit of $56 million.