Bikerumor could earn a small fee from affiliate hyperlinks on this article. Be taught Extra
From the highs of recent merchandise right this moment, to the lows of harsh financial realities: Kitsbow has simply introduced that they’re closing up store. The information was dropped on their Instagram web page together with a prolonged letter from the present CEO David Billstrom on their web site.
The information comes as an enormous shock after latest bulletins like new flannel matches, and an attire retailer to purchase and promote used gear. The information additionally comes simply over a yr after a serious company restructuring. In January of 2022, Kitsbow introduced that buyers native to North Carolina and staff had bought the corporate from its shareholders with the expectation that it will be a majority possession by staff sooner or later. It additionally included a transition to a licensed B Corp.
So what occurred in that brief time period? In line with the letter written by Billstrom, they merely couldn’t elevate sufficient capital to develop. The letter mentions hitting simply 50% of their $1m aim on WeFunder, although there’s technically nonetheless two days left on the marketing campaign and it’s at the moment at $653,813. From the sounds of it although, it’s nonetheless not sufficient.
Which brings us to what will be the finish of Kitsbow. In line with the letter, the corporate will stay open and proceed to pay their staff for at the least one other two weeks, ending present “Made to Order” purchases. The final day of manufacturing is scheduled for April, seventh. Presently, every little thing in inventory is marked down 20% – however comes with a caveat of no returns, repairs, or guarantee work. All gross sales are remaining.
Sadly, it seems like the tip for Kitsbow. We’re hoping they’ll nonetheless discover a technique to make it work!
