SkyMall and parent company file for bankruptcy

Jan 23, 2015 5:09 PM by CBS News

The in-flight catalog SkyMall, which features items you're more likely to talk about than buy, has filed for bankruptcy along with its parent company Xhibit Corp.

Talk of the catalog, shoved into the seat back pockets on millions of flights, nearing its end has been going on since at least last year. The widespread use of WiFi on airplanes and SkyMall's entertaining, but somewhat less-than-practical offerings contributed to what appears to be its doom.

In the bankruptcy filing, Xhibit CEO Scott Wiley said the offering of ecommerce options on planes that grew out of adding in-flight internet access has had a big impact on SkyMall, according to the Wall Street Journal.

The paper reported that SkyMall's assets are for sale and are expected to be auctioned in March. Wiley said he hoped to continue to operate a scaled-down SkyMall until it is sold.

Bankruptcy papers showed SkyMall's liabilities at between $10 million and $50 million with assets of $1 million to $10 million. Delta Air Lines, American Airlines and US Airways are the top unsecured creditors, the Journal reported.

SkyMall products are so famously off-the-wall that dozens (or more) posts are dedicated to just trying to rank the nuttiest of the lot. Among them:

The solar powered cooling hat
"The Designated Driver" golf club beer tap
Wine glass holder necklace
The $999 Spa-N-A-Box portable spa
Bigfoot garden Yeti

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