According to Philip D. Wolf, the company's chief financial officer, "In our recent 10K we indicated that we needed money for operations but no one stepped up. This is no surprise." The company recently moved its headquarters from Minneapolis to here where it is leasing space. Wolf was still unsure what PurchaseSoft will do with its space here. "We have to explore how to get out of that," he tells GlobeSt.com.

A released statement says the company "will continue to evaluate its strategic alternatives in order to maximize the value of its assets during this wind down." The company has laid off nearly all of its 55 employees and is keeping on only those it needs now to close the business.