PrimeTime Shopping Network, a firm based in Playa del Rey, California, which engaged in live digital auctions for precious stones and ornamental items, has initiated Chapter 7 bankruptcy proceedings. This move comes after the company reported substantial financial obligations far outweighing its assets, marking the end of its operations following a series of ambiguous social media updates regarding its future.
The declaration of bankruptcy by PrimeTime Shopping Network highlights significant financial distress. According to court documents, the company listed liabilities amounting to $850,000, while its total assets were valued at less than $50,000. Furthermore, the company's revenue for the previous year was notably low, reaching only $13,500. This stark imbalance between debts and assets underscores the severe financial challenges faced by the live-streaming auction platform.
Leading up to the bankruptcy filing, PrimeTime Shopping Network's public communication became increasingly vague. On May 22, 2025, the company announced on Instagram that it would be taking a "temporary vacation," promising a return after Memorial Day. Following this, two weeks later, CEO Jack Jackels posted another message, urging followers to "stay tuned" for an upcoming "jewelry shopping experience." However, this turned out to be the company's final post on the platform, and Jackels has since not responded to inquiries regarding the company's situation, leaving customers and observers without clear answers.
The decision to file for Chapter 7 bankruptcy indicates that PrimeTime Shopping Network will undergo liquidation, where its remaining assets will be sold to repay creditors. This process typically signifies the definitive cessation of business operations. The case serves as a cautionary tale within the e-commerce and live-streaming retail sectors, emphasizing the critical importance of financial stability and transparent communication with stakeholders, particularly during periods of operational uncertainty.