Company Behind SkyMall Catalog Files for Bankruptcy

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Xhibit Corp (XBTC), the company behind SkyMall Catalog, has filed for bankruptcy.

skymall-catalog-bankruptcy-xhibit-corp-xbtc

SkyMall Catalog used to be one of the only options for passengers while flying. However, the ability to connect to the internet and bring electronic devices onto plans has resulted in the popularity of the catalog diminishing, reports USA Today.

The Skymall Catalog produced $33.7 million in revenue in 2012. However, that number has dropped and was at $15.8 million in September 2014. The drop in popularity of the catalog has resulted in some airlines no longer carrying it, USA Today notes.

“We are extremely disappointed in this result and are hopeful that SkyMall and the iconic ‘SkyMall’ brand find a home to continue to operate,” Scott Wiley, CEO of the company, told The Wall Street Journal.

XBTC shares were down 61% as of Friday afternoon.

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