The future doesn’t seem too bright for the media company Luis Ruelas co-founded. Digital Media Solutions Inc., where Luis served as the Executive VP of Business Development, has filed for Chapter 11 bankruptcy. However, the executives at the company claim they’re confident in their trajectory.
The news comes nearly two years after Luis confessed that he was asked to “step down” from the company amid all of The Real Housewives of New Jersey drama. Whether or not he actually did leave is unclear. The business is still listed in his Instagram bio. Now, there are even more changes in store for the company…
Luis Ruelas’ co-founded DMS, which is trying to stay afloat with a restructure
Digital Media Solutions, or DMS for short, offers advertising solutions for companies in various industries. According to Hello Partner, they recently filed for Chapter 11 bankruptcy as they try to restructure their business to “position itself for future growth.” This is the type of bankruptcy that companies file when they desperately need to reorganize.
The company will continue to operate, but they’ve entered into an asset purchase agreement to help keep them funded. Meanwhile, Luis is watching all of this unfold alongside his wife, Teresa Giudice.
In case you haven’t been keeping track, this isn’t the first of Luis’ businesses to file for bankruptcy. Another one of his companies, Produce Depot, filed for bankruptcy back in 2022. That was right around the same time he got slapped with a six-figure lawsuit for the company’s unpaid bills.
These days, Luis is supposedly working for a company called Vinivia. It’s a live-streaming platform, which Luis predicted would someday dethrone TikTok as the go-to app. His track record for building businesses might suggest otherwise.
TELL US – ARE YOU SURPRISED TO HEAR ABOUT THE FINANCIAL STRUGGLES IMPACTING THE BUSINESS LUIS CO-FOUNDED? DO YOU THINK THEY MADE A MISTAKE BY LETTING LUIS GO?
