QuoteLatitude 360's decision to abandon projects in New York, Minneapolis and Massachusetts is part of a strategic shift that should lead to growth, said the founder of the beleaguered Jacksonville company.
But the moves come after a dismal start to the year, in which the entertainment venue firm saw its current assets drop by 40 percent and its liabilities grow by more than 75 percent.
Full article: http://www.bizjournals.com/jacksonville/blog/morning-edition/2015/09/as-latitude-360-abandons-planned-venues-heres-what.html
Its called growing too fast. They tried to leverage better financing by buying out a publicly held company....oops, gotta submit actual financial statements about what you spend your money on.
Late payrolls, broken games, (unfixed for 6 months or more), unlisting from the movie theater sites, and other signs of cash flow issues are indicators that there is a leadership problem at Lat360.
Walking away from the Albany NY project leaving sub contractors unpaid is a sign of over extension or taking on bad partners.
The concept is still sound, but the growth has to be more organic and planned. As of now it seems more shotgun and rushed. Reading the expansion plans 2 years ago looked like a rush job to beat out someone who might copy the concept.