Streetteam Software Limited, based in the UK, has entered a collaboration with Kroll to aid with its restructuring process, according to a press release.
“The management team are working hard to get the best outcome for all stakeholders, whilst working with shareholders to find affected employees alternative positions in their portfolio of companies,” a recent press release states.
The owner of Pollen and IMS, Streetteam specializes in selling its travel offerings through its subsidiary operations.
The travel and technology company’s management team is currently undergoing negotiations with potential buyers interested in the parent company, but do not have an estimated time frame related to when the sale will be finalized. The uncertainty led to the board and shareholders’ decision to restructure the business.
With trading operations set to continue, the company has already received significant bids for its customer-facing subsidiary companies. Customer usage and refund processes will not be affected.
Despite experiencing significant growth since its launch date eight years ago, Streatteam’s Software is still recovering from the delays experienced by the travel sector amid the COVID-19 pandemic, which caused a tech stock crash and an increase in consumer uncertainty.