Wampus Cat promoter files for bankruptcy; festival canceled – THE RANT
Indie on Air Records, promoter of the Wampus Cat Music Festival, announced on Friday that it would file for bankruptcy and that the already postponed the three-day event will no longer take place at all.
“We regret to announce that Indie On Air, the company behind the Wampus Cat music festival, has had to close its doors and enter Chapter 7 bankruptcy proceedings. found itself in a position where costs and liabilities have exponentially exceeded revenues. It is for this reason that we have made the decision,” read the statement from Wampus Cat. “We know that the big question on all the world right now is one of refunds Due to the nature of the bankruptcy process we simply cannot refund anything at this time and we won’t know if we can until we We don’t know how the process will resolve. It may take 3-4 months. If you have purchased tickets, parking passes or camping passes, we have your details on file. We will do what we can work things out. But right now, that’s the situation we find ourselves in.
A second Carolina Indie Fest in downtown Sanford was also canceled as a result of the filing. IOA’s First Carolina Indie Fest in 2021 was a successful event, drawing thousands downtown to watch over 30 acts on three stages for free.
Gross Farms II, which was to host the festival, was not involved in the decisions to postpone or cancel the festival. Owners John and Tina Gross said Friday they still plan to hold concerts on the 200-acre property.
“It’s disappointing that the Wampus Cat Music Festival isn’t happening,” said Tina Gross. “John and I worked on this project for almost three years. Nonetheless, our vision for Gross Farms II remains the same and we will continue to move forward. In more than one location, Gross Farms II will continue to be an agricultural landholding. Additional announcements and updates will be coming in summer 2022.”
Originally scheduled for May 13, 14 and 15 at Gross Farms II in Harnett County, the festival was announced as postponed due to potential weather conditions the week before its scheduled date. Shortly after, Indiana-based Indie on Air announced August 5, 6, and 7 as their new dates. A new lineup had yet to be announced when news of the bankruptcy broke.
Indie on Air’s statement went into more detail about the nature of the company’s financial condition.
“Indie On Air Records LLC has spent the past 14 years working with independent musicians in many different ways. Like all businesses, we have weathered quite a few storms during this time. However, the one storm we never fully recovered from was the Covid-19 pandemic. Loss of revenue and non-refundable deposits in 2020 and early 2021 threw the company into a financial hole from which it was never fully able to extricate itself. “On top of that, the bad economy, the rising cost of equipment, fuel, supplies, etc. throughout 2021 and into 2022, the company found itself in a position where costs exponentially exceeded revenues. It sent us even deeper into the money pit we were trying to climb out of. As such, we had to make the difficult decision to permanently close the business and begin Chapter 7 bankruptcy proceedings.”