Ibex released a letter today titled “End Of The Trail” confirming that the merino apparel brand is “in the process of closing down its current business, and will cease operations as we know them sometime in February.”
Earlier this month, Ibex said it has laid off 12 of its employees but denied it had any plans at the time to cease operations. The brand had previously indicated it was shutting down its wholesale operations to focus on retail. A letter penned by Ibex CEO Ted Manning on November 7 stated in part: “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.”
Now, less than a month later, Manning wrote in a second letter, “Those of us left … we continue to take things day by day. We show up to work trying our best to support one another, to take care of our customers, and wholeheartedly try to create the best outcome for the Ibex brand. It’s not the work we had hoped to be doing together, but it’s important, so we push to bring our best.”
All items on the Ibex website have been marked down.
The full text of the letter can be found HERE.
Photo courtesy Ibex