PORTLAND, Ore. (BRAIN) — The Oregonian is reporting that The Clymb, a daily deal online outdoor sports retailer, was quietly sold to the owner of a similar business, LeftLane Sports, in September. According to the report, The Clymb was near bankruptcy prior to the sale.
The Portland newspaper said that The Clymb co-founder Erik Fialho recently confirmed the sale. According to the paper, The Clymb was heavily in debt, and LeftLane bought it for $100,000 in cash, plus $18.5 million in assumed debt.
LeftLane is based in San Luis Obispo, California. The Clymb is based in Portland. According to the report, LeftLane will retain The Clymb brand among a portfolio of similar retailing websites and keep "the majority of the employees in Portland."
The Clymb's Luis Vargas is now chief brand officer for LeftLane, but co-founders Kelly Dachtler and Cec Annett left The Clymb following the deal.
