Due to safety concerns, a well-known sporting goods shop was forced to recall millions of dollars’ worth of merchandise.
The shop has now declared bankruptcy, claiming to be the third-largest paddle board retailer globally.
According to TheStreet, Surf 9 reported assets and liabilities totaling up to $50 million in its petition that was submitted last month to the U.S. Bankruptcy Court for the Eastern District of New York.
According to Law360, Surf 9 is looking for options to restructure following a strained relationship with the athletic apparel company Body Glove. In 2022, Surf 9 was compelled to recall paddle boards valued at $20 million because of a potential drowning hazard.
About 80% of body glove sales come from Costco, according to ShopEatSurfOutdoor.com. As a result, Body Glove now intends to end their licensing agreement.
Additional details about this bankruptcy are still pending.
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