Merino wool clothing manufacturer 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.”
Last month, Ibex announced they had 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, the company has announced that operations are shutting down. Our thoughts and prayers go out to the familty affected by this sad news and hope they all find new and exciting employment. All items on the Ibex website have been marked down. The full text of the letter can be found HERE.