Tackle Grab, a Boston startup that partnered with NASCAR driver Dale Earnhardt Jr. last year to launch an online fishing tackle store, has filed a Chapter 7 bankruptcy petition.
Tackle Grab launched in May 2014 after raising $1 million in capital from several undisclosed high net worth individuals and an endorsement from Earnhardt Outdoors, a venture of the Earnhardt family in May 2014, according to a report by the Boston Business Journal.
A letter on the company webpage reads, “We started this business with the hope that we could attract tens of thousands of fishing enthusiasts. Unfortunately, we did not reach that goal and the business became unsustainable as a result.”
“It is with great sadness that we have to inform you that Tackle Grab has to go out of business,” the post continues. “While we did our best to deliver great products direct to your door for a reduced rate, the costs of running such a discount business eventually became too great to continue operations, as we were unable to hit our milestones to bring the business to profitability.”
