In debt for $32 million, Louis Garneau is looking for ways to recover sports apparel business

Louis Garneau's outdoor sports equipment company is filing for bankruptcy and is swimming in $32 million debt. SOURCE Facebook

QUEBEC — In $32-million worth of debt, the sports equipment manufacturer Louis Garneau is looking for Quebec investors to bail out the fund.

The founder of the company went so far as to say he is ready to cede control of the company to save and revive it.

At a press conference Tuesday at its headquarters in Saint-Augustin, a suburb of Quebec City, Garneau confirmed that his company filed for bankruptcy protection to restructure. The company also temporarily laid off 66 employees from its Saint-Augustin headquarters.

"This is the most difficult race I have participated in," admitted the former cyclist who said he had done everything to raise the bar, without success, in the last years. On several occasions, he had to stop his news conference, overcome by emotion.

The bankruptcy of two large clients caused him serious liquidity problems for the past two years. Subsequently, his entire finance team deserted him.

He acknowledged that the accuracy of the company's financial portrait was affected. Garneau now says he is looking for the best finance director in Quebec.

This report by The Canadian Press was first published Mar. 3, 2020.