Andrew Cauthen, YTB's President, said in a press release that ?YTB intends to utilize ... Chapter 11 to regroup, reorganize, and relaunch.?
Before the company's downward spiral, YTB reported $45 million in revenue in a quarter during 2008 and employed hundreds of people. When the California Attorney General sued YTB, calling it a "gigantic pyramid scheme," the resulting settlement and bad publicity drove agents away, causing revenue to fall sharply.
Since 2008, YTB has tried new business models and launched a merger only to later pull out.
YTB?s stock now trades for a penny and it hasn?t filed a quarterly earnings report since the third quarter of 2011. The Chapter 11 filing lists assets of $1.3 million and debts of $7.2 million.
