Digital River Inc., a Minnetonka e-commerce firm that sold for over $800 million a decade ago, is shutting down.

In a Jan. 27 WARN letter to the Minnesota Department of Employment and Economic Development, CEO Barry Kasoff told state officials that the company is laying off 122 employees and permanently closing its offices. The layoffs, which will be effective March 28, are permanent, he said.

The number of laid off workers includes some individuals who work remotely across the country but report to the Minnetonka location, according to the letter.

Founded in 1994 by serial entrepreneur Joel Ronning, Digital River built a niche processing online payments around the world for several brands. On its website, the firm said it helps customers “simplify global expansion” by removing the “burden and complexity of cross-border selling.”

The company went public in 1998. By 2014, Digital River had reached a deal to be acquired by New York-based private equity firm Siris Capital Group for $840 million; that deal officially closed in February 2015.

According to the company’s website, Digital River said it had landed partnership deals with a range of big-name customers over the years, including Adobe, American Express, and DHL.

Despite its early success, Digital River apparently hit some bumps in the road within recent years.

“While we’ve worked diligently to consolidate our operations and strengthen our focus on our Digital and Subscription businesses, unforeseen factors have intensified the strain on our financial resources,” CEO Kasoff told employees in a note that was republished on TheLayoff.com, a layoffs discussion board. “The rapid contraction of key customers, combined with the headwinds presented by new deals with shorter payment terms and U.S. trade policies that impacted one of our largest customers, have exacerbated the pressure on our available capital. These challenges, coupled with rising operational costs and tax obligations, have impacted our ability to sustain operations.”

He added: “Despite our best efforts, we have been unable to identify a path forward that would allow Digital River to continue operating.”

The company, which the Star Tribune once described as “the Twin Cities’ most prominent survivor of the first internet boom in the late 1990s,” has begun winding down both domestic and foreign operations, according to Kasoff’s letter. The wind down will “occur pursuant to each foreign jurisdiction’s requirements,” he said.

“This process began with the suspension of services to the majority of our global customers,” Kasoff wrote.

Kasoff didn’t immediately respond to requests for comment sent Tuesday afternoon.

In October, tech news site The Register reported that Digital River had not paid “numerous merchants since midsummer for software and digital products they sold through its MyCommerce platform.”