Resort TV Network, a homegrown digital media company, which was the toast of the town one year ago at the Whistler Excellence Awards, has declared bankruptcy.
The doors to the Whistler office in Function Junction, the head office of what was a fast-expanding company, were closed this week. It is not clear how many local employees are now out of a job.
In response to an email from Pique, CEO Don McQuaid confirmed the bankruptcy.
"RTown's (Resort TV Network) core business of TV informational programming and advertising faced various challenges as the technology evolved and the marketplace shifted," said McQuaid in an email.
"As a result, the company could not meet its current financial obligations. We were regrettably forced to file for bankruptcy, which, in the end, we felt was the best and only fair option for all the stakeholders of the company."
In business for more than a decade, Resort TV Networkat its peak was broadcasting into more than 45,000 hotel rooms. It had more than 27,500 high-definition LCD screen in over 575 locations from movie theatres and restaurants to gyms and restrooms.
It had 10 corporate and franchise markets across Canada.
Its website also offered franchise opportunities in various Canadian and international markets.
McQuaid founded Resort TV Network in 2001.
According to the website: "Currently, RTOWN (Resort TV Network) is focused on the convergence and integration of the "4 screens" that define the new media industry: television, public digital signs, personal computers and personal mobile devices."
In July 2012, Resort TV Network was awarded "Innovative Business of the Year" at the Chamber of Commerce Excellence Awards.