InkStop Inc., a specialty retailer of ink, toner, consumer electronics and other supplies for small businesses and home, abruptly told its employees that it was shuttering all 152 stores nationwide as of Friday and laying off all workers until further notice.
"The company has elected to temporarily close all stores at the close of business today, Oct. 1, to focus on a restructuring plan in an effort to improve the overall operations of the organization," the Warrensville Heights company told employees in a letter sent late Thursday.
"Paychecks will not be issued on Friday due to our cash constraints. We are working on a plan to improve our cash flow situation and reopen under better circumstances."
"We all knew the hammer was going to come down. We just didn't think it would happen in one day," Linda Mastellone, an assistant store manager at InkStop in Newtown, Pa., said via e-mail. "We all saw that the lack of ink [the main reason for the store's existence] was a big sign that the company clearly didn't have the capital to purchase product.
The updated 2009 store closings list is here.