GoLite Out of Business?

[cycloneshooter]

Their website states final days of business. Anybody know where one can still buy new/used GoLite gear?

A friend and I were strongly considering the Shangri-La 5 complete tipi with nest etc, and are wondering where we can find one.

Is 90 oz accurate for a complete pack weight for that system?

 

[orionthehunter1]

Not sure they had a store in here in Durango, but it is empty now with a cardboard sign in the window that says thanks for the business, hope to see you again sometime. Seems kinda odd the way they just shutdown

 

[Ray]

If I recall correctly their going out of business deal required all the stores to be closed by December. They stopped selling on-line back in the spring. If there is any inventory left at any of the stores in CO it may end up at a wholesaler like Sierra Trading post this winter.

If you want to buy a used shelter you will need to put up WTB posts on various forums so that if someone wants to sell one they can find you.

There are other makers and sellers of tipi tents with nests and floors. Bear Paw Designs is one. I use one of his nests in my SL5. Nice gear.

 

[SHTF]

Yeah I did a post about this a few months back. Its sad. One of my favorite backpack retailers. To bad. Hope someone picks up the slack with great products at a reasonable price.

 

[wpwarren]

They had some web specials going at the beginning of the month, they are now down to just a few items left, which are only available in stores. All of the SL-5's have been gone for a while now. I tried to pick one up, but was too late

 

[rbinhood]

Golite is not necessarily gone. They have filed for reorganization under bankruptcy laws and if they can successfully complete their workout plan, they may be back. They got dragged down by debt caused by too many retail stores. After getting rid of the brick and mortar stores and without the debt, if they come back they may be profitable as a much more streamlined company. It's a shame to have to wait to see what happens because they made some great gear.

 

[WestDan]

In chapter 11, they were sold to a liquidation firm who has been liquidating the inventory. They are not coming back unfortunately.

 

[dotman]

They also sold their naming rights a few years ago if I remember right. They are done unfortunately.

 

[Madnik]

That's too bad. I guess that their margins were too.... light.

 

[husky390]

They also sold their naming rights a few years ago if I remember right. They are done unfortunately.

They sold their rights to Timberland. Wishful thinking on my part, but I really hope they bring back their products under a different name.

 

[Shrek]

Im wondering how they thought selling their brand name and then leasing it back was a good long term strategy. They sold their name and then pulled their products from retailers and picked up huge overhead with their own retail outlets . Brain dead management.

 

[mmw194287]

**Edited--sorry for the broken link

Saw this in my newsfeed this morning:

With bankruptcy dismissed, Boulder's GoLite hints at new company
By Alicia Wallace
Daily Camera
POSTED: 03/25/2015 12:01:00 AM MDTADD A COMMENT| UPDATED: ABOUT 6 HOURS AGO

The founders of now-defunct GoLite are moving forward on a new business, according to a post made Tuesday on the Facebook page of the Boulder-based outdoor-products company.

"Founders of GoLite will start a new company, looking to become a global manufacturer of innovative and responsibly made apparel and equipment designed for the outdoors," officials wrote on Facebook. "They strive to be a leader in terms of channel distribution, technical performance and sustainable business practice. Maintaining their status as a Colorado-based company, looking forward to seeing you on the trail."

A call and an e-mail to GoLite founder Demetri "Coup" Coupounas were not returned immediately.

The brief statement comes nearly two weeks after the dismissal of GoLite's bankruptcy filing made in October.

A federal bankruptcy court judge on March 12 dismissed the Chapter 11 filing after officials for Coupounas LLC, which conducted business as GoLite LLC, said they completed the liquidation process, paid sole secured debtor GemCap in full, settled claims with the Colorado Department of Revenue and completed the rejection of any existing leases.


Following expenditures such as payroll expenses and legal fees, the company's remaining cash on hand of $195,233, as of Jan. 31, 2015, would not be sufficient to pay the remaining general unsecured creditors.

GoLite owed more than $5.75 million to its top holders of unsecured debt, according to court filings.

"Now that all of its assets have been sold, (GoLite) asserts that it has accomplished all it can in this Chapter 11 case and dismissal is in the best interest of the estate," the company's attorney wrote in a Feb. 18 motion to dismiss the case.

Coupounas is the registered agent of GeoLeo LLC, a Boulder-based entity that filed business registration documents with the Colorado Secretary of State's office on Nov. 7, 2014.

Around that time, Coupounas told BizWest that he hoped to find investors to keep GoLite in business after the liquidation.

 

[SHTF]

Saw this in my newsfeed this morning:

http://www.denverpost.com/business/ci_27731833/colorado-business-briefs-3-17?source=infinite

I just dont see what your saying here?? Care to paste it?

 

[mmw194287]

**edited my earlier post. Sorry about that.

 

[SHTF]

**edited my earlier post. Sorry about that.

They definitely have an uphill battle to get back to business. Not to mention with the owners decision making history Im not so sure how successful they will be at finding investors who will believe in him enough to risk their investment on a restart. The guy tried to do to much at once and made some bad decisions. he wanted it all and now and that bit him in the butt hardcore. i.e. moving to clothing, then opening up storefronts all over. If he would of backed off the throttle and been patient and kept pushing out a nich product line and not opened up a bunch of stores he may won the battle in the long run. Either way though it will be interesting to see how this plays out. I love some of the Golite products I have always had something of theirs in my pack.

 

[Kevin Dill]

It never struck me as okay that a company (people) could walk away from unsecured debtors and go resurrect their enterprise. I can assure you that someone is left holding an empty bag and taking a hard hit as a result of this company's behavior. Unsecured debtors get a shoulder shrug and are expected to either eat the loss or take their chances in a lawsuit. Meanwhile, a fresh coat of paint goes over the old and ugly. I'm not an idealist, but if GoLite / Timberland / Couponas / GeoLeo LLC walk from over $5M in debt I think it sends the wrong message to give them any acceptance or support in the marketplace. Too many people have short memories and selective blindness.

 

[Justin Crossley]

That is the risk the debtors take when they loan money to a company without collateral. They know exactly what they are doing and weigh the risk. Just my opinion.

I do hope to see the SL5 go back into production. I think that was one of the best tents on the market. I still use mine all the time for a multitude of conditions.

 

[Elkfitness]

This (bankruptcy) happens quite often ....unfortunately. Sometimes it's for honest /valid reasons, sometimes not.

 

[Shrek]

Most entrepreneurs will fail several times and as was said earlier the unsecured creditors knew what they were signing up for. Unless there was fraud there is no reason for them to not try again. I personally know a man who has gone bust four times but he's become a multimillionaire five times. Entrepreneurial business is not for the faint of heart .

 

[husky390]

A fool and his money are easily parted. He'll probably be back in business with new investors, albeit with more constraints, soon. Most likely offering the most successful products he had.