Fandor, the streaming video service that focuses on independent and international films, has laid off most of its staff and restructured itself as it seeks a buyer.
Fandor has transferred its assets to a new corporate entity controlled by restructuring firm GlassRatner. Fandor will continue to operate, although with most of its staff unemployed, it isn’t clear how long it can continue without a buyer.
According to a statement from GlassRatner, the newly restructured. Fandor “welcomes new partnerships and/or strategic transactions.”
According to Variety, which first reported the news, Fandor CEO Chris Kelly told staff that a funding round fell through, spurring the decision to restructure.
It has been a tumultuous few months for the service. In October, Kelly — who had been the service’s principal investor — took over as CEO, and the company hired its first CMO to lure new subscribers.
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Later that month, Fandor’s biggest competitor, FilmStruck, was shut down by owner WarnerMedia. However, despite a marketing campaign to attract FilmStruck subscribers to the service, Fandor was unable to gain enough scale.
Indeed, many smaller streaming services are either shutting down or bulking up to try and survive.