Backcountry
Online retailer reselling outdoor gear from about 800 third-party brands.
On the record
Checkpoint: Two consecutive quarters of revenue stabilization plus permanent CEO hire
The call
A debt-loaded reseller with no permanent CEO in 18 months, losing ground to a much larger co-op and to AI tools that give away its expertise for free.
Backcountry is an online store that sells outdoor equipment from 800 different brands, competing mainly by offering expert advice to help customers pick the right gear. It is getting smaller and facing two big threats: REI is a massive member-owned competitor that has five times more business, and new AI tools like ChatGPT can now give the same expert shopping advice that used to be Backcountry's special strength. The company has cut staff by 16 percent and is owned by a struggling investment firm with heavy debt, so the real question is whether its revenue actually starts growing again in 2026 as some predict, or whether it keeps declining.
Why
01
AI pressure: ChatGPT, Amazon Rufus, Google AI shopping agents. AI shopping assistants copy the 'Gearhead' advice Backcountry sells as its edge, for free, inside chat. Could AI do the core job? Yes, likely.
02
Bigger players: REI. REI.com pulls in about 5.4 times Backcountry's monthly online revenue and runs a loyal co-op membership base. Could a giant copy it? Yes, easily.
03
What protects it. Backcountry Garage house brands could carve out margin AI and REI can't easily copy, if they ever ship at scale.
What would change this call
CSC Generation names a permanent Backcountry CEO. Ends 18+ month leadership vacuum, signals stabilization intent.
Backcountry Garage private-label sales reported as share of revenue. Tests whether house brands can offset reseller margin pressure.
2026 revenue figures released showing growth or continued decline. Confirms or refutes Grip's projected 20-50% rebound.
Backcountry Garage private-label sales reported as share of revenue. Tests whether house brands can offset reseller margin pressure.
2026 revenue figures released showing growth or continued decline. Confirms or refutes Grip's projected 20-50% rebound.
Key numbers
- 2025 online revenue ~$276.8M, down 10-20% YoY
- REI.com monthly revenue ~$178.8M vs Backcountry's $33.0M
- $112M secured debt load from 2024 CSC acquisition
Named risks
- 18-plus month CEO vacancy under interim CFO leadership since January 2025.
- $112M senior secured debt load under distressed-brand roll-up parent CSC Generation.
- Revenue decline of 10-20% YoY in 2025 per Grip Intelligence estimate.
- Poor employee sentiment: 2.6/5 Glassdoor rating, 27% CEO approval as of 2026-06-30.
- Reputational exposure from 2019 trademark litigation boycott recurring.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| REI | losing to | REI.com estimated ~$178.8M monthly revenue vs Backcountry ~$33.0M, May 2026 |
| AI shopping assistants (ChatGPT, Rufus, Gemini) | gaining on | Threaten Gearhead human-advice model; no Backcountry-branded AI shopping feature shipped as of mid-2026 |
| evo.com | contesting | Estimated ~$5.4M monthly revenue vs Backcountry $33.0M, May 2026 |
| steepandcheap.com (sister brand) | contesting | Estimated ~$2.1M monthly revenue, far smaller, May 2026 |
Questions people ask
- Is Backcountry profitable in 2026?
- No public profit figures are disclosed since Backcountry is private. Grip Intelligence estimated 2025 online revenue at $276.8M, down 10-20% year over year as of 2026-05-25, suggesting margin pressure rather than confirmed profitability.
- Who owns Backcountry.com?
- Backcountry is owned by CSC Generation Enterprise, which acquired it in September 2024 (announced 2024-09-09) backed by a $112 million senior secured credit facility from Second Avenue Capital Partners, SB360, and Ares Commercial Finance, dated 2024-09-18.
- Who is Backcountry's biggest competitor?
- REI is the dominant incumbent. In May 2026, Grip Intelligence estimated REI.com generated roughly $178.8M in monthly online revenue versus Backcountry's ~$33.0M, about 5.4 times larger, per data dated 2026-05-25.
- Could AI replace Backcountry's Gearhead advisors?
- It's a real risk. Backcountry's core differentiator is human 'Gearhead' expert advice, a function AI shopping assistants increasingly replicate; as of mid-2026 Backcountry has not shipped its own customer-facing generative AI shopping feature.
- Does Backcountry have a permanent CEO?
- No. CEO Melanie Cox resigned in January 2025 and CFO Kevin Lenau became interim CEO; as of the most recent sourcing (2026-05-26), no permanent CEO had been named, an 18-plus month vacancy.
- Is Backcountry's revenue growing or shrinking?
- Shrinking by most estimates: Grip Intelligence put 2025 online revenue at $276.8M, down 10-20% year over year (2026-05-25), while ecommerceDB estimated GMV near $412M in 2025, roughly flat versus the prior year.
Timeline
- 2026-05-25Grip Intelligence estimates 2025 revenue $276.8M, down 10-20% YoY, versus REI's much larger scale
- 2026-04Launched Backcountry Garage brand incubator, acquired Coalatree as first addition
- 2025-09-18Retired Expedition Perks, launched paid Summit Club+ loyalty tier at $49/year
- 2025-01CEO Melanie Cox resigns; CFO Kevin Lenau becomes interim CEO
- 2025Acquired Level Nine Sports and Velotech, Inc.
- 2024-09-18$112 million senior secured credit facility arranged for CSC acquisition
- 2024-09-09CSC Generation Enterprise acquires Backcountry from TSG Consumer Partners
- 2015-07TSG Consumer Partners buys Liberty Media's controlling stake
- 2007Liberty Media, controlled by John Malone, acquires controlling stake
- 1996Founded by Jim Holland and John Bresee selling avalanche beacons from a garage
Revision history
22 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Backcountry.com (2026-05-26)
- TSG Consumer Partners Acquires Backcountry (2020-10-05)
- CSC Generation Enterprise Acquires Backcountry (2024-09-09)
- $112MM Credit Facility to Backcountry (2024-09-18)
- CSC Generation is a billion-dollar home brand (2026-07-13)
- backcountry.com eCommerce Revenue (2026-05-25)
- Backcountry Company & Revenue 2015-2027
- Backcountry - Overview, News & Similar companies (2026-07-20)
- Backcountry Number of Employees 2026 (2026-06-29)
- Working at Backcountry (2026-06-30)
- Get the Inside Scoop on Backcountry's All-New Membership Program (2025-09-18)
- Backcountry Rolls Out Summit Club+ (2025-10-15)