Cambridge Analytica Liquidates Assets, Tells Staff to Vacate London Office

By Jenny Gross 

LONDON -- Cambridge Analytica LLC, the firm at the heart of Facebook Inc.'s data scandal, is liquidating assets and has asked workers to vacate its London office.

Crowe Clark Whitehill LLP, the administrator for the firm, said it marketed Cambridge Analytica's business assets to potential buyers to stave off liquidation, but no acceptable offers were made. It said because of that, it has terminated employment contracts of U.K. staff Tuesday.

Representatives for Cambridge Analytica didn't respond to requests for comment.

Earlier in May, the company said it was ceasing operations after allegations of misuse of Facebook data led to a sharp drop in business. Employees continued to work in the London office as the firm searched for a buyer. Cambridge Analytica's bankruptcy documents, released late last week, list Facebook as a creditor. Employees said this was likely because the company owed Facebook money for ads but hadn't paid.

Cambridge Analytica was backed by Rebekah and Jennifer Mercer, daughters of hedge-fund billionaire Robert Mercer. Representatives for the two weren't immediately available to comment.

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(END) Dow Jones Newswires

May 22, 2018 13:40 ET (17:40 GMT)

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