Poler Files for Bankruptcy
Poler, Inc. has filed for Chapter 7 bankruptcy, which means it is shutting down the business.
The Portland-based company has vacated its corporate offices and closed its stores in Laguna Beach and Portland, according to bankruptcy documents reviewed by SES.
The Poler website says “We sold out of Poler Stuff for 2018. See you down the road for more Camp Vibes and High Fives in 2019.”
The documents do not outline exactly why the company is calling it quits, but do show a big drop in revenue in 2018.
In 2016, Poler had revenue of $7.7 million. In 2017, revenue fell slightly to $7.2 million. Then, in 2018, revenue fell to $3.6 million.
Poler’s minimalist but aesthetically pleasing camping gear appealed to the hipster set when they launched.
Their “Camp Vibes” ethos resonated, and people liked their fun yet functional products that encouraged people to get outdoors.
Many companies choose to file Chapter 11 bankruptcies, which allows the debtor to negotiate with creditors to alter the terms of the loan without having to liquidate assets. That is what happened with Quiksilver and PacSun, for example.
In a Chapter 7 filing, the debtor’s assets are sold off to pay the creditors.