From the highs of new products today, to the lows of harsh economic realities: Kitsbow has just announced that they are closing up shop. The news was dropped on their Instagram page along with a lengthy letter from the current CEO David Billstrom on their website.
The news comes as a big shock after recent announcements like new flannel fits, and an apparel store to buy and sell used gear. The news also comes just over a year after a major corporate restructuring. In January of 2022, Kitsbow announced that investors local to North Carolina and employees had purchased the company from its shareholders with the expectation that it would be a majority ownership by employees in the future. It also included a transition to a certified B Corp.
So what happened in that short period of time? According to the letter written by Billstrom, they simply couldn’t raise enough capital to grow. The letter mentions hitting just 50% of their $1m goal on WeFunder, though there is technically still two days left on the campaign and it’s currently at $653,813. From the sounds of it though, it’s still not enough.
Which brings us to what may be the end of Kitsbow. According to the letter, the company will remain open and continue to pay their employees for at least another two weeks, finishing existing “Made to Order” purchases. The last day of production is scheduled for April, 7th. Currently, everything in stock is marked down 20% – but comes with a caveat of no returns, repairs, or warranty work. All sales are final.
Unfortunately, it sounds like the end for Kitsbow. We’re hoping they can still find a way to make it work!
