An organization that is going out of business faces a lot of problems. Apart from the apparent loss of business, company owners face informing clients, vendors and suppliers that they will no longer be doing any business with them. It can become quite an issue trying to contact everyone and explaining why a company is going out of business.
However, if you have held a good reputation in the industry, you owe it to people you have worked with to provide them with notification of your intent to close down your business. Writing a letter to them is the best way of communicating this information to them. For instance, if you need to communicate your plans to close down to a vendor, you should write to him or her and provide details of what happened and how it will affect them (the vendors).
There isn’t any need to provide details of what brought about the “going out of business” phase particularly, but a little bit of information is necessary. If there are any related actions required, like outstanding payments or deliveries, they should be mentioned and sorted out in the letter.
422 Moore Road
Old Bridge, NJ 77096
Tel: (000) 148-7475
September 21, 2016
Mr. Raymond Fox
87 Glenmere Road
Old Bridge, NJ 70021
Dear Mr. Fox:
We regret to inform you that our company, Lexington Jeans, is going out of business. Our last operational day will be November 10, 2016. Owing to the immense recession in the denim market, we had no choice but to take this decision and accept closure of our business, which we believe is in the best interest of the company, and all its participants.
As per policy (and our own goodwill), we will be picking up the last order that we gave to you, which will be sold at a discount at the end of November, at our flagship store. The payment for this shipment will be made at the time of delivery, according to the pre-decided schedule.
We would like to thank you for your past business. It has been an absolute pleasure working with a vendor that is as professional as Belk is. If any future opportunity arises, we will surely contact you for business again. In the meantime, we will be recommending your services whenever possible
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