The Co-op Board is working toward an orderly shutdown of the business. This is the second in a series of weekly status updates to keep you informed about our progress.
The three principles that guide our actions are:
1. That the process should be transparent.
2. That the disposition of Co-op assets should be administered by an impartial third party.
3. That we want to minimize the costs involved and maximize the amount of assets that are returned to owners.
The following activities took place since our update last week:
- Mike had a follow up discussion with the local attorney who is working with us on the shut down. He does not yet have a recommendation, but promised to provide one by the end of this week. The Board will consider his recommendation and make appropriate decisions at our next meeting on Tuesday, October 16.
- We vacated the store site at 1580 Central. We have now opted out of our lease on that space and have no future liability. Several Board members and volunteers moved all Co-op items and records out of the store and the office space.
- We are reviewing our remaining ongoing expenses to reduce or eliminate any unnecessary expense.
- We accepted the resignation of Beth Schroeder, our Treasurer, from the Board. Beth’s decision is based on personal reasons unrelated to Co-op activities. We thank her for her service to the Co-op. The Board will discuss the vacancy at our next meeting.
Thank you for the feedback you have provided over the last several weeks since we announced the closing. We will publish another update next week. Please direct any questions to firstname.lastname@example.org.
Co-op Board President