Boulder outdoor gear company GoLite, which two weeks ago sought bankruptcy protection to reorganize the business, now is in “liquidation mode,” court documents show.

Officials for Coupounas LLC, which does business as GoLite, filed an emergency motion to initiate a comprehensive sale process, which includes going-out-of-business sales and the potential sale of the business, according to filings made with the U.S. Bankruptcy Court in Colorado on Friday and Monday. A hearing to approve the proposed move is scheduled for Nov. 13.

“Debtor has no funding for new inventory and thus is already in a liquidation mode,” officials wrote in the filing. “Further, the licensed trademark ‘GoLite’ is held by Timberland, which has terminated the license.”

Coupounas LLC is not able to sell the merchandise under the GoLite brand after March 31, 2015.

The termination and liquidation was reported earlier today by outdoor trade site SNEWS.

GoLite filed a motion to enter into an agreement with Hilco Merchant Resources LLC to liquidate the company’s inventory and assets and conduct going-out-of-business sales during the post-Thanksgiving holiday shopping season.

Under the proposed agreement, Hilco would pay GoLite 65 percent of the liquidated merchandise sales, resulting in an expected payment ranging from $780,000 to $877,500.

GoLite has upward of $5.75 million owed to its top holders of unsecured debt. The company also is a party in several lawsuits across the country, documents show. GoLite’s inventory was valued at $1.8 million as of early September.

After bringing in $14.38 million in 2012 and $17.67 million last year, GoLite posted nearly $8.77 million in sales through September 30, according to financial information included in the bankruptcy filings.

Earlier this year, GoLite officials and the company’s financial advisors explored capital options such as a potential sale, court filings show. GoLite sent investment summaries to a total of 100 potential suitors – including institutional investors and retail apparel firms – but the deals did not come to fruition.

Contact Camera Business Writer Alicia Wallace at 303-473-1332 or wallacea@dailycamera.com or twitter.com/dc_alicia