{"id":68567,"date":"2019-07-29T13:11:47","date_gmt":"2019-07-29T05:11:47","guid":{"rendered":"http:\/\/facfox.com\/news\/aerospace\/techshop-shuts-up-shop-after-sudden-bankruptcy-declaration.3dm"},"modified":"2019-07-29T13:11:47","modified_gmt":"2019-07-29T05:11:47","slug":"techshop-shuts-up-shop-after-sudden-bankruptcy-declaration","status":"publish","type":"post","link":"https:\/\/facfox.com\/news\/techshop-shuts-up-shop-after-sudden-bankruptcy-declaration\/","title":{"rendered":"TechShop shuts up shop after sudden bankruptcy declaration"},"content":{"rendered":"<div id=\"dpsp-content-top\" class=\"dpsp-content-wrapper dpsp-shape-rectangular dpsp-size-medium dpsp-has-spacing dpsp-has-buttons-count dpsp-show-on-mobile dpsp-button-style-1\">\n<div class=\"dpsp-total-share-wrapper\"><span class=\"dpsp-total-share-count\">153<\/span><span>shares<\/span><\/div>\n<ul class=\"dpsp-networks-btns-wrapper dpsp-networks-btns-content dpsp-networks-btns-share dpsp-column-auto\">\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">136<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">17<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">0<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><\/span><\/li>\n<\/ul>\n<\/div>\n<p class=\"p1\"><span class=\"s1\">TechShop, a chain of hack-spaces and workshops offering a range of services including 3D printing, has declared bankruptcy and shut down all ten of its US locations without prior warning. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The company stated in a release that it had depleted its funds, despite efforts to \u201crestructure the company\u2019s debt\u201d and to \u201craise new capital\u201d for a new business strategy. <\/span><\/p>\n<figure id=\"attachment_124888\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-124888\" src=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/obama-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/obama-1024x683.jpg 1024w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/obama-150x100.jpg 150w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/obama-770x513.jpg 770w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/obama-200x133.jpg 200w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/obama-500x333.jpg 500w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-caption-text\">Obama at the Pennsylvania TechShop with 3D Printer and ZeGo founder Andy Leer. Photo via Chuck Kennedy.<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\"><strong>\u201cNever stop making\u201d<\/strong><\/span><\/p>\n<p>TechShop filed for \u201cChapter 7\u201d bankruptcy after maintaining a reduced operation under \u201cChapter 11\u201d was no longer deemed to be financially viable. The enterprise&#8217;s assets have now been handed over to court-appointed trustees who will sell them on, in order to pay the company\u2019s creditors.<\/p>\n<p class=\"p1\"><span class=\"s1\">Commenting on the sudden closure, CEO Dan Woods, who joined in 2016, explained to <span class=\"s2\">Make: magazine<\/span> that \u201cwe\u2019ve been operating on exceedingly low cash balances for quite some time now. Until recently, this meant late payment to instructors and vendors, which none of us liked, but at least we were able to pay everyone, albeit several weeks late, and keep the doors open.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Woods also explained that the company \u201cinvested too many years and too many dollars trying to prop up the wrong business model,\u201d which relied upon subsidies from outside sources, a route that proved unsustainable. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, the TechShop brand will not become obsolete. Outside of the U.S. TechShop locations in Abu Dhabi, Paris, Lille and Tokyo are incorporated under TechShop Global, <span class=\"s2\">registered in the Irish city of Cork<\/span>, and will continue to operate through local licensees.<br \/>\n<\/span><span class=\"s1\"><b><br \/>\n<\/b><\/span><\/p>\n<figure id=\"attachment_124886\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-large wp-image-124886\" src=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/type-a-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/type-a-1024x683.jpg 1024w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/type-a-150x100.jpg 150w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/type-a-770x513.jpg 770w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/type-a-200x133.jpg 200w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/type-a-500x333.jpg 500w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-caption-text\">Type A Machines founderAndrew Rutter. The 3D printing OEM is just one of TechShop&#8217;s many success stories. Photo via GigaOm.<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\"><b>\u201cBuild your dreams here\u201d<br \/>\n<\/b><\/span><span class=\"s1\"><br \/>\nTechShop was founded in 2006 by Jim Newton at an initial workshop in Menlo Park, California, before growing to 10 locations and over 9000 members worldwide. Access to its tooling and machinery services including 3D printing, cutting and worked out to around $1000 a year.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The services offered by TechShop included education access programs, workforce training (including the retraining of armed forces veterans), and advanced manufacturing hubs. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">TechShop also tried reinforcing its business model with a series of corporate partnerships, including automobile manufacturer Ford and software company Autodesk.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><b>\u201cDon\u2019t try it at home,<\/b><\/span><span class=\"s1\"><b> try it here!\u201d<\/b><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Co-founder Dan Woods noted that in spite of the closure, much of TechShop\u2019s vision had been achieved. He stated that \u201cas dark a moment as this is, I also want to acknowledge the enormous impact TechShop has had on our members and their communities over the past ten years.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Successful startups launched at TechShop locations include Health-tech company <span class=\"s2\">Embrace<\/span>, tech accessory company <span class=\"s2\">Dodocase<\/span> and 3D printing manufacturer <span class=\"s2\">Type A Machines<\/span>, which launched its <span class=\"s2\">Series Pro FDM 3D printer earlier this year.<\/span><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In 2014, TechShop Pittsburgh <span class=\"s2\">received a visit from then-US president Barack Obama<\/span> ahead of the White House Maker Faire. The former president received demonstrations from some of the ventures developed by users of the TechShop including ZeGo Robotics. <\/span><\/p>\n<figure id=\"attachment_124887\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-124887\" src=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/niti_parikh-techsjop-by_joseph_schell.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/niti_parikh-techsjop-by_joseph_schell.jpg 1000w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/niti_parikh-techsjop-by_joseph_schell-150x100.jpg 150w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/niti_parikh-techsjop-by_joseph_schell-770x514.jpg 770w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/niti_parikh-techsjop-by_joseph_schell-200x133.jpg 200w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/niti_parikh-techsjop-by_joseph_schell-500x334.jpg 500w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-caption-text\">Niti Parikh with laser cut letters at TechShop San Fransisco. Photo via Joseph Schell.<\/figcaption><\/figure>\n<p><em>For more 3D printing business news, <\/em><i>subscribe to our free <a href=\"\/service\/3d-printing\"> Industry newsletter<\/i><span class=\"s1\"><i>, follow us on <\/i><span class=\"s2\"><i>Twitter<\/i><\/span><i>, and like us on <\/i><span class=\"s2\"><i>Facebook<\/i><\/span><i>.<\/i><\/span><\/p>\n<p><em>Featured image shows an empty TechShop at Arizona State University. Photo via ASU.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>153shares 136 17 0 TechShop, a chain of hack-spaces and workshops offering a range of services including 3D printing, has declared bankruptcy and shut down all ten of its US locations without prior warning. The company stated in a release that it had depleted its funds, despite efforts to \u201crestructure the company\u2019s debt\u201d and to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":182590,"comment_status":"open","ping_status":"close","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"fifu_image_url":"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/11\/obama-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[53],"tags":[169,170,173,158],"class_list":["post-68567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aerospace","tag-3dprint","tag-3dprinting","tag-business","tag-space"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TechShop shuts up shop after sudden bankruptcy declaration - 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