Hired, a recruitment service for tech jobs, has started a process to sell assets, pay off creditors and wind down the company, according to people familiar with the plans and a document seen by The Information.

The company’s chief financial officer, Edward Schaffer, told some shareholders last week that the board has been unsuccessfully attempting to sell Hired since the start of the year as its cash reserves dwindled and its ability to raise new funding had become doubtful. Hired’s board brought on William Brinkman, a restructuring expert, to sell the company’s assets and distribute any proceeds to its creditors, similar to the process of filing Chapter 11 bankruptcy, Schaffer wrote in an email to some shareholders last week.