How Outdoor Voices, a Start-Up Darling, Imploded - The New York Times

Terry Sullivan, the founder of Paragon Advisors in Shaker Heights, Ohio, invested in Outdoor Voices in 2014 based in part on his belief in Ms. Haney, and participated in an interim funding round last June. At the time, the company said it expected to be worth at least $240 million in its subsequent round. On Jan. 31, he received a term sheet that valued Outdoor Voices at $40 million and shared plans to find a new chief executive. Mr. Sullivan was gobsmacked. He said the board had not responded to his inquiries about what happened. “Obviously these things don’t self-implode in a minute,” he said. (View Highlight)