Portland-based outdoor apparel and lifestyle brand Poler has filed a Chapter 7 bankruptcy with plans to liquidate. No word yet regarding the reasons for the demise of the brand, but the company’s bankruptcy attorney told the Portland Business Journal that Poler could be sold to a buyer who would restart the brand.
The filing showed sales were $7.7 million in revenue in 2016, and $7.2 million in 2017, but dipped to $3.6 million in the first 11 months of 2018. Assets were listed at $980,000 and liabilities, $2.3 million. The company put itself up for sale in 2018, prior to filing BK.
Poler was founded in 2011 and raised $4.5 million in venture capital to fund growth.
The company’s stores in downtown Portland and Laguna Beach, Calif., have closed, and the website simply says: “We’ve sold out of Poler stuff for 2018. See you down the road for more camp vibes and high fives in 2019.”