Ladies and gentlemen, God is dead:
Friends,
It is with deep sadness that we announce today that Nau, Inc. will immediately begin the process of winding down its business operations.
In the current highly risk-averse capital market, we simply could not raise the necessary funds to continue to move forward. We believe this is not so much a reflection of the viability of our business, but the result of an unfortunate confluence of events. Just as we could not have predicted the sudden groundswell of environmental consciousness that blossomed at the time we launched our business, we did not foresee the current crisis in the capital markets. At this time, investors are loath to invest in anything; especially, it appears, a company like Nau that has the audacity to challenge conventional paradigms of what a business should be.
We are, of course, eternally thankful to a large community of people, including the investors who got us this far–those who saw our potential and gave their support when the risk was greatest. We would also like to express our most sincere gratitude to our customers, our partner non-profit organizations, our business associates, our friends in the media and the countless others who have cheered us and challenged us along the way. It has been an honor working with and serving all of you. Your unflagging support and enthusiasm has inspired us to work diligently on your behalf and we regret we will not be able to serve you in the future.
In the end, we are proud of what we have accomplished as a company. After less than one year of business, we donated over $223,000 through our customer-directed giving program, Partners for Change. We feel this model, were it widely adopted, could have staggering potential to influence the common good. We are thrilled to have watched the growth of the community of individuals who have strongly identified with Nau’s mission and who have shared their thoughts and feelings with us online and in person, in our local markets and around the globe. We also salute the larger community of artists, athletes and activists whose passions have inspired us to do what we do and who have welcomed us as a part of a much greater movement devoted to positive change.
Nau set out to show the world that business can be a force for positive social and environmental change. Although our current financial obstacles have proven to be insurmountable, it does not mean that our fundamental goal is unattainable. Nau was merely one attempt to express a larger idea that was around before us and will survive long after. It remains as urgent as ever for businesses to take the lead in creating a sustainable future for humans and the planet. We, as individuals and as members of a grander collective of the change-minded, look forward to continuing that journey.
Many of you have supported me and this company in ways that are too numerous to recount. Thank you for believing in what we were doing.
Thanks,
Bob Speltz
Ever since I went to dinner with my friend Chieu and fell in love with her jacket, I became a believer in all things Nau: clothing made from organic cotton, recycled synthetics, and sustainable materials. I said good-bye to Mark Ecko, Desigual – even Diesel – and opened my home and wardrobe closet to Nau. I only wish they had made belts before closing their doors.
Until end of day tomorrow, you can buy whatever clothes are available in Nau stores for 50% off. The website will also continue to sell clothing at 50% off until everything is gone—or so I was told on the phone this afternoon. The site was having problems keeping up with traffic so you may need to phone in your orders. Yes, orders. Support this company with all your might and wallet.
As for me and my house, we will serve the Lord—Prada.