Failed business deal causes Wealthbridge Mortgage collapse
Wealthbridge Mortgage, based out of Beaverton, Ore., is shutting down due to a failed business deal. According to an article in the Portland Business Journal, Wealthbridge was supposed to be sold to Venn Capital Group Holdings, an investment firm in Delaware, but the deal failed to close on the expected date, Sept. 20. Wealthbridge issued a WARN -- Worker Adjustment and Retraining Notification -- on Sept. 24 and will relinquish all 109 current employees. The Portland Business Journal reported on the day the WARN was issued that 16 employees were laid off. Requests for commentary from Wealthbridge are pending. Write to Christine Ricciardi.