Catch Co.
The business, the turning points, and the decisions behind them.
Some sections are still being researched2 / 4
Sections to complete：01 · 05
01 / WHAT IT BUILT
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02 / Catch Co. FAILURE REASONS
Failure factors supported by the current evidence
Founder/CEO Ross Gordon (13 Feb 2024) wrote that after COVID-era inventory and demand shocks, Catch Co. could no longer continue under its capital structure; the lender said inventory sell-through could not support the valuation backing the line of credit, putting the company in default. He said Pure Fishing’s debt default dumped tens of millions of dollars of inventory into the market, making it nearly impossible to liquidate Catch Co. inventory at levels high enough to repay the bank, while rising interest rates increased debt-service cost and efforts to raise money or sell the company became more bleak.
Gordon wrote the lender said inventory sell-through could not support the inventory valuation backing the line of credit, which effectively put Catch Co. in default.
He wrote the company could no longer continue under its current capital structure and obligations after COVID-era challenges.
He wrote Pure Fishing’s debt default dumped inventory into the market, making it nearly impossible to liquidate Catch Co. inventory at levels high enough to repay the bank.
03 / EVENT HISTORY
Events in the structured record
- Liquidation
On 13 Feb 2024 founder Ross Gordon wrote that Catch Co. sold its assets to Gordon Brothers through an Assignment for the Benefit of Creditors, a cheaper alternative to bankruptcy, to support a clean wind-down and avoid a full-blown bank liquidation; he said the assets were purchased from the ABC in early February 2024. The Fishing Wire (22 Mar 2024) later reported Gordon Brothers completed acquisition of substantially all Catch Co. assets including inventory and IP.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
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Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
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