Earlier this week GeekWire broke the news that Contour, maker of a popular wearable camera, had shutdown it’s Seattle office. A former employee posted on his Facebook page “No one really knows what happened. We were just told we are no longer are employed by Contour and the doors were locked on Friday.””
The company is considered the biggest competitor to GoPro and reported earnings of 27.3 million as of 2011. Currently, their website lists all products as of out stock and several links are dead.
Details are sparse but rumors are circulating that the rapidly expanding company may have overextended it’s credit. Due to it’s recent market success we wouldn’t be surprised to see an injection of cash from new investors in the next few months and a major restructuring.