Vrbor, the maker of the world’s first commercially available bow, has filed for bankruptcy protection, its chief executive says.
The Vrbos broke bow, a product with a bow of nearly a foot long and weighing about 1.4 tons, has been in production since 2009.
The company’s chief executive, Kip Thorne, told Reuters that it would likely go out of business within the next month or two.
Vrbo is a manufacturer of technology that makes it easier for bow hunters to hunt the bow down in an enclosed area, he said.
“The company is under enormous financial pressure, it’s on the brink of liquidation, and there’s a lot of people that are going to lose their jobs,” he said in an interview on Thursday.
Vrbor has been a major player in the market for bows for years, and Thorne said that Vrbs revenue was down almost 25% in the second quarter, due to declining demand.
He also said that the company was trying to raise money by issuing stock and using the proceeds to make other investments.
Thorne said he expects the company to sell off its assets by March.
A company spokesman declined to comment.