Newton Running’s co-founder Danny Abshire has exited the company and Jerry Lee, the company’s other co-founder and original investor, has returned as the firm’s company’s CEO and primary shareholder as part of a reorganization.
Fireman Capital Partners, which made a made a $20 million minority investment in the company in 2011 and is supported by Reebok’s legendary leader Paul Fireman , is no longer involved with the brand, according to reports from Runner’s World and Boulder Daily Camera. The brand’s store on Pearl Street in Boulder closed in late March.
According to Runner’s World, Newton Running now has a staff 15, down from 47 at its peak. Independent running stores carrying the brand are now about 100, down from about 600 at its peak as a result of past changes. The focus going forward will be on a narrower line selling direct to consumers online and specialty running retailers that have found success with the brand.
Lee told Runner’s World, “Financially, I didn’t have to do this. But I looked at all of those people that we created these passions with and it would be unfair if that brand just went away. The people who are invested with me believe strongly in Newton and in me, and so it’s here to stay, without a doubt.”
Photo courtesy Newton Running
