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Voices Over

A financial postmortem on the implosion, bailout, and sudden demise of the indie millennial athleisure brand.

ashley merrill
You have to at least make the consumer think you’re different, even if you’re not, and Merrill’s approach was uninspiring, according to several employees. Photo: Joe Scarnici/Getty Images for Riot Games
Lauren Sherman
March 14, 2024

Just when I think I’m out, Outdoor Voices pulls me back in. After years of covering this small-but-sticky brand, I thought I might be done after boring-and-rich investor Ashley Merrill took over in December. Then, on Tuesday, the majority of the Austin-based activewear label’s corporate staff was fired, leaving about 10 people, mostly in operational capacities, still on payroll. Managers at the 16 stores were told that they would close their doors forever on Sunday. No one received severance. Outdoor Voices will now trade online only. What the hell happened?