A Message to GearME's Customers and Consignors
(with FAQ below)
This is not an easy message to write, but it's time to get the word out that I am exploring my options for selling or closing GearME by the end of February. I have loved every minute of my work, and I'm thrilled with the relationships I've made, but owning a business is a lot. My family has supported me with their whole hearts, but I can't deny they've had to make sacrifices for me to pursue this adventure. GearME has been open for over 5 years now, and that feels like a significant milestone. I've accomplished something that far exceeded my expectations, and now I'm looking forward to being more present for my family. The specific timeline is very much TBD, but if we aren't able to find a buyer by mid February, we'll start the closing process.
I intend to close or transfer the business in an orderly fashion with clear communication to consignors. If you know anyone looking for a rewarding new life adventure, please let them know about the opportunity to purchase GearME. Our real estate broker info is listed below. I'm happy to discuss my experiences running the store, but all sale-related questions should go through him.
This page will be updated regularly with important information for consignors and customers. Please see below for FAQ.
I am so, so sorry to let this adventure go. Having no idea what's next for me is a little daunting, but I'm comforted knowing I can look forward to the next couple months doing what I love at GearME. Thank you for all your enthusiasm and support. You built this store to what it is, and I'm forever grateful.
Update 2/18/24: It's time to make final plans for closing up shop.
Please see below for final details..
So, what's the plan?
The store will operate business as usual until 2/15
This will be the last day to use any store credit or rewards credit. Consignor credit can still be used until the very end.
On 2/16 we'll start a clearance sale and move out as much as we can
2/22 will be our last day of sales
Consignors can pick up a check and/or their recently expired items until 2/22. Please book an appointment.
Regular store hours throughout
I am a consignor. Do I need to pick up my remaining items or my payout now?
Plan on keeping whatever expiration date you were given at drop-off. 7 days after expiration the item becomes store-owned, and we will sell or donate. Most payouts should be completed by the 22nd. Please book a time in advance. I will have two additional days with "office hours" just for payout pickups: Friday 2/23 9:00-11:00 and Saturday 2/24 1:30-3:00.
What if I'm away and can't pick up my check in-person?
What if my item sells on the last day you're open?
We will have two additional "office hours" after we close. Final payouts can be collected during these times:
Friday 2/23 9:00-11:00
Saturday 2/24 1:30-3:00
Although in-person pick-up is the preference, there will be a handful of people who just can't come by for their check. I will mail checks upon request. I'll process all to-be-mailed checks during the last week of February. Please email me with your address. You can expect to see your check in the first week of March.
What will happen to my Consignor Credit, Store Credit, and/or Rewards Credit?
Let's make sure we are all using the same terminology. Consignor accounts have three varieties of money that can accrue. Customer accounts that do not have consigned items have two varieties of money that can accrue.
Consignor Credit: All consignors accrue proceeds from the sale of items as Consignor Credit. At sign-up some consignors choose to take this credit as a check and others choose to take it for in-store use only. We casually refer to the in-store use money as "store credit", but it is technically categorized as Consignor Credit.
If, when you filled out your consignment agreement, you selected "Store Credit" as your profit share, you are still accruing Consignor Credit, which has cash value. "Store Credit" profit share is generally a 60% return to you. You may elect to have this money paid out to you instead, but the payout will be recalculated to a standard cash rate of 45% profit share. Both types of Consignor Credit can still be used in the store until we close.
Just like always, you may request your payout any time. Please book a pick-up time. The website will remain operational until 5/31 and it will have contact information for consignors needing to contact me after we close.
Rewards Credit: Customers and consignors can accrue rewards money based on purchases made in the store. Rewards Credit is not the same as cash and cannot be paid out as cash. Rewards credit needs to be used by 2/15 or it's gone.
Store Credit: Customers and consignors can accrue store credit, generally from store promotions and returns. Gift cards are also considered Store Credit. Store Credit is not the same as cash and cannot be paid out as cash. Store credit needs to be used by 2/15 or it's gone.
Will my remaining items be deeply discounted?
As always, currently consigned items still get discounted as they age through their consignment period, All consignment expires by 2/15 or earlier. Starting 2/16 we will begin a clearance sale with deep discounts. If your items are still here, they will be heavily discounted.
What if I have more questions?
Please email your questions rather than call. II will maintain the 'email@example.com' email until 12/31/24.
Who can I contact to ask questions about the sale of the business?