Following on from our breaking story about Contour Cameras shutting up shop, it has now become official that the company has gone into receivership. Even though the company’s webpage is still up and running, the company itself has shut its doors and is trying to find a buyer to hopefully take over and carry on.
Here’s the press release:
CONTOUR INC ENTERS RECEIVERSHIP
Contour, Inc., formerly a leading provider of POV cameras and accessories, has entered into receivership under approval by the Superior Court of Washington for King County.
Inverness Group, LLC, by and through its Managing Partner, John Davidson, has been appointed as Receiver. D.A. Davidson & Co has been engaged by the Receiver to help enable the sale of Contour assets through a competitive bid process within sale procedures to be established in the case.
“We look forward to facilitating a successful transaction in the best interests of Contour’s creditors and potentially enabling a future for the Contour brand,” said Nathan Pund, Managing Director at D.A. Davidson.
Founded in 2004, Contour grew to be one of the largest companies in its field with almost $30 million in annual revenue.
Contour abruptly shut its doors on August 2, 2013 after protracted negotiations with investors failed to produce a viable funding solution. Remaining assets at the company include an IP portfolio, customer lists and contracts, supplier contracts, accounts receivable and inventories, trademarks, and other assets. The assets will be sold “as is” free and clear of all liens and encumbrances, and the sale will be subject to an agreed Asset Purchase Agreement and final approval by the Court.
Can no one stop GoPro’s dominance in the market? Do you have a Contour camera? Do you like it (we thought they were pretty good, although GoPro’s chest-mount is still probably the best bit of camera placement there is and no one has really come close to that.) It was one of the first cameras to come with GPS and with Bluetooth, so you can’t fault it for innovation. So, what went wrong? Comments welcome below.
Posted on: September 25, 2013