Shapeways files for bankruptcy: All Top Executives Resign

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Shapeways files for bankruptcy
Shapeways files for bankruptcy/Source: Shapeways

“Shapeways files for bankruptcy” Let this sink in!

Shapeways, a pioneering force in 3D printing industry that has been synonymous with 3D printing services for over 17 years. However, in an unexpected move, it has decided to cease operations and declare bankruptcy after considering all ‘strategic alternatives.’ Following the bankruptcy filing, the company’s top executives resigned as well.

Shapeways was having some issues, and management was working to resolve them and get the company back on track. Despite its expansion into the CNC space with its CNC instant quote feature, 100% YoY growth in the automotive vertical, and other milestones, the company was struggling. 

Shapeways files for bankruptcy

Shapeways celebrating the NYSE listing in 2021
Shapeways celebrating the NYSE listing in 2021/Source: Shapeways

Shapeways filed a Form 8-K on July 2nd, 2024, stating that it has filed a voluntary petition for relief under Chapter 7 of Title 11 of the United States Bankruptcy Code. Shapeways has filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware, and it has confirmed that all of its subsidiaries have also ceased operations.

Along with this, Shapeways’ executive team resigned, including CEO Greg Kress, CFO Alberto Recchi, and COO Andy Nied. Additionally, the entire board of directors, which included Leslie C.G. Campbell, Raj Batra, Ryan Kearny, Greg Kress, Christine Gorjanc, Alberto Recchi, and Josh Wolfe, resigned. These resignations were precipitated by the bankruptcy filing.

While Shapeways has continued to evaluate strategic alternatives, its leadership has been unable to identify the best solution to propel the company forward.

Jules Witte, Shapeways’ plant manager for the past 12 years, took to LinkedIn to announce the company’s bankruptcy filing. He emphasised how the company scaled production to a highly efficient facility while also developing deep domain expertise in a variety of technologies such as SLS, MJF, SLA, and MJP.

However, at the end, he mentioned that the team is also preparing to restart the business. Only time will tell what exactly this means.

The Go-to marketplace for 3D Printing Services

The go-to marketplace for 3D printing services
The go-to marketplace for 3D printing services/Source: Shapeways

Shapeways was founded in 2007 as a spin-off of Royal Philips Electronics in the Netherlands, and it quickly became the leading marketplace and service provider for 3D printing. Customers uploaded CAD files to Shapeways’ website for printing and distribution, and designs could also be sold to other users.

Shapeways’ digital manufacturing solutions have produced over 21 million parts in the last 17 years, using 11 different technologies and 90 different materials and finishes and delivering them to 160 countries.

Its headquarters are in Livonia, Michigan. Shapeways operated ISO 9001-compliant manufacturing facilities in Livonia, Michigan, and the Netherlands, as well as a global network of verified partners. Shapeways became a publicly traded company on the NYSE in September 2021, trading under the ticker SHPW.

Shapeways joined the New York Stock Exchange in April 2021 after merging with a Special Purpose Acquisition Company. However, by 2022, its stock was already in steep decline. Last year, after receiving a NYSE noncompliance notice, the company transferred its listing to the Nasdaq stock exchange.

It has been one of the giants in 3D printing services, alongside i.Materialise (no longer a primary focus for Materialise) and Sculpteo (which may soon be completely absorbed into BASF 3D Printing Solutions), and these two giants may also cease to exist by the end of this decade, if not sooner.

About Manufactur3D Magazine: Manufactur3D is an online magazine on 3D Printing. Visit our Global News page for more updates on Global 3D Printing News. To stay up-to-date about the latest happenings in the 3D printing world, like us on Facebook or follow us on LinkedIn and Twitter. Follow us on Google News.

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About author
Abhimanyu Chavan is the founder of Manufactur3D Magazine. He writes on Additive Manufacturing technology, interviews industry leaders, shares industry insights, and expresses his thoughts on the latest developments in the industry. You can follow him on LinkedIn, Twitter and Instagram.
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