Ibex said it has laid off 12 of its employees at its headquarters in Vermont but, contrary to reports, has no plans to cease operations.

The statement came after SNEWS reported that Ibex had laid more than half its staff of approximately 40 full-time employees and that an employee indicated that its bank is “taking over and managing a liquidation process.”

Earlier in the summer, Ibex indicated it was ceasing its wholesale operations to focus on retail. It has stores in Boston, Denver and Seattle while also selling online.

The full statement from  Ted Manning, CEO of Ibex Outdoor Clothing, follows:

Contrary to a significant number of rumors, Ibex is still operating today. And while it is not clear how the story ends, all the paths forward will require very significant changes in the organization, the business model and the ownership structure.

“‘What happened?’ is what gets asked the most. Which we have come to realize means ‘Whom do I blame?’ for most people. Not an easy question, and there is no simple answer. As much as Ibex has succeeded and created opportunities for itself, it has also dealt with the headwinds of seasonal volatility, shifts in the retail landscape and an ever-changing consumer. It is not value of brand, quality of product or passion of its people that lead to this place.

“Today, November 7, 2017, Ibex continues to operate in anticipation of more significant changes in our business in the next few months. To that end, we also said goodbye to a few teams and friends last week. In total, 12 roles were eliminated last Friday. There are 20 employees still here in Vermont and more in our three retail stores. And while changes are happening in the business, our website and stores are still open. Each day we show up trying to support one another and trying to create the best outcome for Ibex.”

Photo courtesy Ibex