The future of the brand Genuine Guide Gear is uncertain after a debt restructuring process was announced this week. Known to its clientele of backcountry skiers as simply “G3” the Canadian outfitter has been around for nearly 20 years. However, on August 9, the Supreme Court of British Columbia ordered accounting firm Deloitte to take over the company’s assets, court documents show.
One of Deloitte’s representatives said Wednesday that the firm’s insolvency division will now create a plan for liquidating or selling G3’s assets. The goal is to maximize the value of G3’s remaining assets to meet its debts to the Royal Bank of Canada.
Specifics about the size of G3’s debts will likely become public by Monday, he added.
G3 representatives could not be reached for comment. But a voice message on the brand’s primary phone line makes it clear they’re unable to assist customers. All its online inventory appears to now be on sale. A banner message on the website says the company is “temporarily not taking new orders.”
“We are currently undergoing an internal restructuring process,” the company said in its phone message. “During this time, we are unable to monitor emails or phone calls.”
Big Discounts on Online Inventory
Based in Vancouver, British Columbia, G3 first began making gear in 1995. That’s when the founders made their first avalanche probe “for guides to count on and trust,” according to the website.
Over the years, the brand’s offerings expanded to skis, splitboards, climbing skins, AT bindings, poles, and more avalanche safety tools. Back in 2016, GearJunkie’s own Sean McCoy gave the G3 Boundary 100 a mostly positive review. He called it a “great, moderately light ski for touring that handles the downhill challenges most skiers are likely to throw its way.”
Now, the brand may be in trouble. Several employees of the company have recently changed their LinkedIn status to indicate they’re open to new jobs. That includes a warehouse manager, a product development engineer, and also an e-commerce manager — all of whom have worked for the company for over 2 years.
To be clear, G3 has not technically filed for bankruptcy. However, the court-ordered debt restructuring is part of Canada’s Bankruptcy and Insolvency Act, according to court documents.
A Wednesday post from an administrator of Backcountry Skiing Canada said G3 has long been a “staple” of the outdoor industry for its innovative ski gear.
“The recent receivership news casts a shadow over the company’s future, leaving customers and employees alike wondering what will happen next,” the post said.
