Merit Gold Closes its Doors, No Longer Accepting New Orders

I was browsing some dealer reviews and noticed that Merit Gold has shuttered its doors. Their website, www.meritgold.com now reads:

“WE ARE NO LONGER ACCEPTING ORDERS AND ARE IN THE PROCESS OF CLOSING OUR OPERATION.”

I never did any purchases through them– I seem to remember their online cart checkout was actually a farce, requesting you to “call to complete your order!” — but I remember they had a pretty big TV advertising budget (“GOLD AT 1% OVER COST!”), so I’d see them on CNBC somewhat frequently.

Well, it looks like they blew more than just their advertising budget…

Per http://www.coinweek.com/bullion-report/merit-gold-silver-longer-accepting-bullion-orders/ :

“Adam Radinsky, Head of the Consumer Protection Unit of the Santa Monica City Attorney’s Office, told CoinWeek that Merit Gold had entered into an assignment for the benefit of creditors. An assignment for the benefit of creditors is an alternative to bankruptcy, and it is possible for a business to continue to operate as a going concern during and after the process.”

How you run what is essentially a reseller business into bankruptcy is beyond me. Apparently they were very much into upselling senior citizens into numismatics, too.