Connexion Technologies, a Cary business that once employed more than 600 people, is abruptly ending its 10-year run with a scheduled shutdown Thursday.
The heavily leveraged company, which filed for bankruptcy protection in April, notified the N.C. Department of Commerce that is has auctioned off assets to various buyers and will terminate many of its remaining 89 employees.
At least 40 Connexion employees will continue with one of the asset purchasers, according to the filing made Wednesday, while a dozen will remain in their jobs for about six weeks to assist with bankruptcy-related matters until August.
As recently as 2011 Connexion had made Inc. Magazine’s list of the nation’s fastest-growing private companies.
Connexion installs and manages telecom networks for residential developments nationwide. The company was devastated by the real-estate downturn, which halted residential development, and further undermined by multiple contract terminations by a major customer, DirecTV.
Connexion was founded by former Cary Mayor Glen Lang, who ran the company as CEO. In 2007, on the eve of the recession, Connexion received a $475 million line of credit from Reedy Creek Investments, whose investors included billionaires Jim Goodnight and John Sall, the co-founders of software giant SAS.
Wednesday’s filings were made under the corporate name of Capitol Broadband Management, as were previous filings in March announcing the layoff of more than 100 people.
Connexion announced its first major layoff in May 2008, cutting 100 people just as the recession was getting underway.