G3 Gear Insolvent, Court Orders Asset Sale
Canadian outdoor gear manufacturer, G3, is facing financial difficulties after the Supreme Court of British Columbia ordered the sale of its assets. The company, known for its innovative backcountry ski equipment, has been a staple in the outdoor industry for nearly two decades.
Accounting firm Deloitte has been appointed to oversee the liquidation or sale of G3’s assets to maximize the value for creditors, primarily the Royal Bank of Canada. While the company has not officially filed for bankruptcy, the court-ordered debt restructuring is a significant setback for the brand.
The Court Order is here
A banner message on the website says the company is “temporarily not taking new orders.”
“We are currently undergoing an internal restructuring process,” the company said in its phone message. “During this time, we are unable to monitor emails or phone calls.”
Adding to the uncertainty, several employees of G3 have recently updated their LinkedIn profiles to indicate they are seeking new employment opportunities, further fueling concerns about the company's stability and future prospects.
The news has sent shockwaves through the outdoor community, with many expressing disappointment and concern over the future of G3. Employees have also been affected, with several recent job postings indicating layoffs within the company.
The company describes itself as follows:
"Based in Vancouver, BC, Canada, G3 Genuine Guide Gear is an independently owned and operated manufacturer of industry-leading gear for backcountry skiing and snowboarding enthusiasts. Since our first avalanche probe made in 1995 for guides to count on and trust, G3 has remained committed to our roots; designing and producing innovative, durable, and reliable equipment that professionals and mountain enthusiasts can trust.
"Now with a successful 20 year history of industry leading innovation and new product development behind us, G3 isn’t resting on its laurels. Our range of users has naturally grown as backcountry bliss intrigues more and more of the mainstream skiing and snowboarding community, but our focus remains the same - albeit a bit more fun.
"Constantly seeking improved solutions and new products, G3 engineers are passionate skiers who aren’t interested in making gear that’s only as good as the next market-share driven brand. With backcountry skiers, snowboarders and snow professionals relying on our gear for their safety, performance and ease of travel, we’re constantly challenging ourselves to push the boundaries. Now with a full range of skis, splitboards, climbing skins, AT bindings, poles, and avalanche safety tools, we strive to not only make our gear innovative, durable and reliable, but downright enjoyable and easy to use."
As the situation unfolds, the fate of G3 remains uncertain. The outcome of the asset sale will determine whether the brand can continue in some form or if it will disappear entirely from the market.
