Tempnology LLC, the parent of Coolcore, filed for Chapter 11 reorganization and was seeking a sale. According to New Hampshire Business Review, Tempnology has reached an agreement on a sale to Schleicher & Stebbins Hotels LLC (S&S), its only secured creditor in a cashless sale.
Its distributor, Mission Product Holdings Inc., and the bankruptcy trustee’s office are both protesting the sale.
The bankrutpcy filing, which listed liabilities of $6.2 million, was partly blamed on a move by Mission Product Holdings in mid-2014 to exercise its rights to terminate its distribution agreement that granted it exclusive rights to sell a number of Coolcore accessories. In an affidavit, Tempnology CEO Kevin McCarthy also cited competition from Nike, Adidas and Under Armour.
Coolcore is a maker of chemical-free cooling fabrics. The technology is currently available in Dr. Cool Recovery-On-The-Go Wraps, and the company said several outdoor performance brands were planning to launch collections featuring Coolcore fabrics in spring 2016.
The New Hampshire Business Review story is here.
