The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
The Top 500 web-only merchant, which operates Altrec.com and GreatOutdoors.com, owes more than $10 million to creditors.
Outdoor gear e-retailer Altrec Inc. has filed for Chapter 11 bankruptcy protection. The operator of Altrec.com and GreatOutdoors.com says it has more than $10 million in liabilities and assets of less than $10 million, according a Jan. 6 filing it submitted to the U.S. Bankruptcy Court in Portland, OR.
Altrec is No. 470 in the Internet Retailer 2013 Top 500 Guide. Internet Retailer estimates the e-retailer generated $22.07 million in web sales in 2012, up about 8% from $20.43 million in 2011. Altrec.com launched in March 1999.
Creditors include several other members of the Top 500, and e-commerce service providers Mercent Corp., which is owed more than $167,000, and Google Inc., which is owed more than $161,000. Altrec owes consumer brand manufacturer VF Corp. (No. 113 in the Top 500) more than $953,000, and Columbia Sportswear Co. (No. 256) more than $659,000. Altrec says it has more than 200 creditors.
Altrec.com and GreatOutdoors.com continue to operate.