After a planned sale fell through earlier this year, Ibex is now being auctioned off, according to Burlington Free Press. The Vermont-based company will reportedly cease operations sometime in late-January or mid-February.
Bids are due by Thursday for the intellectual property of the high-end wool outdoor apparel company. This includes its brand, trademarks, domain names, and customer databases. According to Ibex Chief Executive Officer Ted Manning, the winning bid could be known by next week.
We know one bid is coming from Liz Robert, CEO of Terry Bicycles. She confirmed that a private equity firm Vermont Works, of which she is the director, is planning to bid. “People talk about the high cost of doing business in Vermont,” Robert says. “But I’m a big believer that we need to try to support economic development in the state. I have a particular passion for Vermont, and a particular passion for keeping jobs in Vermont.”
Manning told the Burlington Free Press that he would like to see Ibex “remain as close to the people and places that birthed it as possible.”
Manning may want to see Ibex go out in style, but he also says that the main objective is to resolve Ibex’s debt and “wind down the company with integrity.”
The names of any bidders can’t be confirmed although VF Corporation has rumored to be interested, according to Burlington Free Press.
We had reported in early November that Ibex laid off 12 employees while the headquarters did remain open. December 1, Ibex confirmed its dissolution and liquidation on its website. “It’s the end of the trail for us,” Ibex said in a Facebook post. “To our current and past employees, partners, fans, customers, families and friends – thank you for your love and support.”