Guideboat sinks

Restoration founder’s chain liquidating

The entrepreneur who founded Restoration Hardware has lost his latest retail bet.

Guideboat — an upscale clothing chain started by Stephen Gordon, the visionary who started Restoration Hardware in 1979, only to cede control of it in 2005 — is liquidating its stores after a five-year run, The Post has learned.

That’s despite the fact that the pricey, maritime-themed clothier — whose wares have lately included a $385 pea coat and a $225 Irish merino, cable-knit poncho — was backed by YouTube cofounder Chad Hurley.

“We are winding down, and it is incredibly sad,” 66year-old Gordon told The Post in an interview this week, confirming the news. “It is not the way I wanted to end my career.”

Hurley, worth roughly $500 million, was the main money behind Guideboat, according to a source close to the situation, and he abruptly decided in recent weeks to stop funding losses.

“If I had to do it over, I’d probably start a less capital- intensive business,” Gordon said.

Part of Guideboat’s problem was it opened four stores in high-rent areas — three in Northern California and one in Austin, Texas. Three of the four locations have now closed, with the original store in Mill Valley, Calif., slated to be shuttered soon.

“He had visions of this being the next J.Crew,” a source close to Gordon said. “Gordon ran out of time.”

Guideboat sold upscale outdoors wear targeted at men and women ages 35 to 55. In addition to clothes, customers could buy vintage guide boats — rowboats used in the 19th century in Adirondack Park — for $4,500.

Guideboat had a profitable catalog business, printing 13 a year, but the company lost money when factoring in the stores, according to Gordon. In addition, he admitted Guideboat failed to create a robust e-commerce platform.

“I think I learned the importance of the digital channel to success and was very aware of that not being in my wheelhouse,” Gordon said.