Internet stock trading platform Woodstock is to shut down operations next month after its parent company Wood & Co. closes its Warsaw office, according to a report in the Warsaw Business Journal.
The WBJ report says the demise of Woodstock follows news this month that US-based brokerage Wood & Co. will close down its operations in Poland, Hungary, Russia and the UK. Woodstock has been in operation for just over a year.
“The service will go off-line once our (850) clients have had their accounts transferred to other brokers, probably around the end of November,” Adam Dakowicz, head of online trading at Woodstock told the paper.
According to John Little, responsible for carrying out Wood & Co.’s restructuring in Central and Eastern Europe, the firm decided to initiate management buyouts in March this year, a strategy that has only proved successful in the brokerage’s Prague office. “Unfortunately we were unable to do the same in Warsaw,” says Little.