It’s official, Jamberry is in foreclosure and is shutting down. Here is the email sent out to consultants today:
We’re so grateful to each of you for your patience during this transitional time for Jamberry. Following are some updates:
Jamberry, LLC, recently announced that we are in foreclosure, and we regret to inform you that any product, gift cards, swag, marketing or event purchases made prior to 11:59 p.m. MT on June 28, 2018, are ineligible for refund from Jamberry.
Due to the entity’s present status, Jamberry is unable to fulfill the contract with the Gaylord Resort for International Conference 2018 in Nashville, TN. To cancel your room reservation at the Gaylord Resort, you can reach them at 615-889-1000.
Additionally, as Jamberry is unable to fulfill other contracts, the 2019 Incentive Trips to Costa Rica and Thailand are cancelled.
To secure a future for you and your businesses moving forward, M.Network has agreed to purchase certain Jamberry assets, and they’ll be communicating with you soon.
Your Consultant Dashboard will have all of the most current information, including frequently asked questions (FAQs), updates, etc.
Thank you for all you’ve meant to Jamberry. We wish you success.
According to multiple sources within Jamberry, MNetwork’s purchase of the company has fallen through. We are hearing reports that product is no longer shipping outside of the U.S. and executives (including the CEO) are not showing up to the office. In addition, Jamberry’s social media pages have not been updated in multiple weeks. Due to Jamberry’s precarious financial state (thus the proposed MNetwork purchase), it appears that the company’s days are numbered.
About 50 Elite Jamberry consultants released a video on Tuesday in the wake of the executive team ceasing communications. They revealed that commission checks are no longer being sent out and that Jamberry has essentially ceased all day-to-day operations.
In a cryptic YouTube video on Monday, Jamberry and M.Network announced a “strategic alliance” that sounds a lot like an acquisition. While MNetwork CEO Ryan Anderson and Jamberry President of Global Sales Stacy Sova stressed that this was not an entity purchase, it was announced separately that Anderson will be the global CEO over the combined company. It’s unclear how many of Jamberry’s estimated 100 support staff and executive team will be carried over in the larger organization including Elizabeth Thibaudeau, Jamberry’s CEO since 2016. Her LinkedIn profile now reads “Former CEO and Marketing Executive.”
What Does The Partnership Mean For Distributors and Employees?
In a separate video, MNetwork’s Richard O’Brien and Dave Webb (SVP Marketing & Communications) answered a series of questions from distributors. The main takeaways from the
acquisition partnership are:
- Each company can access each other’s product lines
- Ryan Anderson will be CEO over both companies
- There will be a new global bonus pool
- The partnership will be finalized within 4-6 months (coincidentally the length of time that most acquisitions take to get finalized)
- The Jamberry and M.Network offices will combine at some point to a central office in Utah
- All of M.Network support staff will stay, but there are “interviews” occurring for 100 Jamberry support staff (read: layoffs)
- Jamberry will be restructuring its compensation plan to match M.Network’s
Jamberry started in 2010 as a multi-level marketing company selling nail wraps but recently expanded to sell a range of beauty and haircare products. They currently boast 65,000 distributors across 6 international markets.
Did M.Network Buy Jamberry?
It’s unclear what the new partnership means from a financial and legal standpoint. What we do know is that the Jamberry brand will likely be all that remains once the two corporate entities combine. If you are a member of Jamberry’s support staff, you may want to start looking for another job.
We will update this post as we gather more information.
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