HangEase Shark Tank Net Worth
During Ryan Landis’ pitch on Shark Tank, HangEase was valued at $266,667, with Ryan seeking an $80,000 investment in exchange for a 30% stake in the company. However, since then, HangEase is no longer in business, and as a result, its current net worth is unknown.
Without any sales or assets, it is impossible to determine the company’s worth, and its valuation during the pitch remains the only available information about its value.
What is HangEase and Who is the founder of HangEase?
HangEase is a company that produces durable, collapsible closet and space management systems that are designed to keep clothing organized and free of wrinkles, while also optimizing closet space.
The idea for HangEase was originally conceived by Ryan Landis of Plano, Texas when he was just ten years old and in the third grade.
He was constantly frustrated by his clothes falling off hangers and breaking, so he invented a foldable hanger made of reinforced plastic that could support heavy winter jackets while also taking up minimal space in the closet.
Ryan’s invention caught the attention of a parent who ran a company that sold products to Wal-Mart, leading Ryan to hire a patent attorney and distribute the product to around 100 retailers.
However, after a burst of activity between 2003 and 2006, the product didn’t gain much traction and there is currently no option to purchase it online.
Ryan, now in his early twenties, hopes to revive the company and turn HangEase into a successful business. The product is patented and registered, and Ryan’s vision is to see it on store shelves nationwide.
HangEase Shark Tank pitch
In season s, episode 27, which aired on April 4, Ryan Landis appeared on Shark Tank seeking an $80,000 investment for a 30% stake in his company, HangEase, a retractable hanger. He was hoping to increase the production and distribution of the product.
Ryan demonstrated how the hangers worked and handed out samples to the Sharks. He claimed to have previously sold 400,000 hangers at Wal-Mart, resulting in $200,000 in sales and $70,000 in profits.
However, the Sharks were confused as to why Wal-Mart had stopped selling the product. Although Ryan claimed to have a fully granted utility patent, Lori stated that she had seen similar hangers before.
Robert declined to invest, Kevin wasn’t interested and Barbara was dissatisfied with Ryan’s absence from the company. Mark offered $80,000 for a 30% stake in the company in exchange for patent verification, with Lori joining in on the deal. Ryan agreed to the offer and walked away from the pitch with a deal.
However, the deal with Lori and Mark never came to fruition, and Ryan did not revive the business after the show aired. He did receive the patent for the product in 2007.
In 2019, Ryan created a Lytic peptide biosensor, suggesting that he had moved on to other ventures. Currently, the company is no longer in operation, and its website and Facebook page are unavailable.
Table: HangEase Shark Tank Summary
| ASPECT | INFORMATION |
| Product | Collapsible closet and space management systems |
| Founder | Ryan Landis |
| Inception | Invented in the third grade, around 2003 |
| Shark Tank pitch | Season 5, Episode 27 |
| Valuation during pitch | $266,667 |
| Investment sought | $80,000 for 30% equity |
| Deal offered | $80,000 for 30% equity (Mark Cuban and Lori Greiner) |
| Patent status | Fully granted utility patent |
| Sales | Previously sold 400,000 units to Wal-Mart |
| Net worth | Unknown (company no longer in business) |
| Current status | Company no longer in operation as of 2023 |
| Updates | Ryan Landis patented a Lytic peptide biosensor in 2019 |
Net Worth of HangEase
The company was valued at $266,667 during the pitch, since then the company is no longer in business and hence the company’s net worth is unavailable.
Hangease Shark Tank Updates
HangEase is a retractable hanger that appeared on Shark Tank in Season 5, Episode 27. Ryan Landis, the inventor of HangEase, was seeking $80,000 in exchange for 30% equity in the business.
Mark Cuban and Lori Greiner agreed to the deal, contingent on his patent being legitimate and covering, and that they have protection against competitors. However, the deal did not close, and HangEase is no longer in business as of 2023.
The company never updated its website or social media following its appearance on Shark Tank, which is surprising given how enthusiastic the entrepreneur was about the product. Ryan Landis has since patented a Lytic peptide biosensor in 2019.
HangEase FAQs
What Is Hangease Shark Tank?
HangEase is a retractable hanger that was invented by Ryan Landis when he was in the third grade for a school invention contest. The hanger has a hinge in the middle that collapses when pressure is applied, allowing shirts to be pulled off without snagging them or breaking the hanger.
Ryan appeared on Shark Tank in 2014 seeking an $80,000 investment for a 30% stake in the business. Mark Cuban and Lori Greiner agreed to Ryan’s deal, contingent on the patent being valid. However, HangEase is no longer in business and never updated its website following its appearance on Shark Tank.
How Does Hangease Shark Tank Works?
HangEase is a collapsible clothes hanger that was invented by Ryan Landis when he was in the third grade for a school invention contest. The hanger has a hinge that allows it to fold up when downwards pressure is applied to it, thereby saving clothes and the hanger itself from any damage.
Ryan got a patent attorney and placed the product in about 100 stores. Walmart ordered 400,000 units for $200,000 and retailed the hangers in four-packs for $4. Ryan made $70,000 from that deal.
Ryan appeared on Shark Tank in 2014 seeking an $80,000 investment in exchange for 30% equity in the HangEase business. Mark Cuban made Ryan an offer, contingent upon getting a legitimate patent that offered solid protection on the product. He would invest $80,000 in exchange for 30% equity.
Ryan accepted the deal from Mark Cuban and Lori Greiner. However, it seems that not all is well with HangEase after their appearance on Shark Tank. The company has been mired in controversy and lawsuits since then, and it is no longer in operation as of today.
What Happened To Hangease After Shark Tank?
HangEase, a collapsible hanger invented by Ryan Landis, appeared on Shark Tank in 2014. Ryan was seeking $80,000 in exchange for a 30% stake in his company. Mark Cuban and Lori Greiner agreed to the deal, contingent on a patent search.
However, after the show, HangEase failed to close the deal with the Sharks. HangEase is no longer in business as of 2023. The company never updated its website following its appearance on Shark Tank, and there is no social presence for the business as of today.
The product was available in many retail stores before Shark Tank, but the deal made with Lori and Mark never saw success for the business.
What Is The Current Valuation Of Hangease Shark Tank?
HangEase was valued at $266,667 during Ryan Landis’ pitch on Shark Tank, where he sought an $80,000 investment in exchange for a 30% stake in the company. However, HangEase is no longer in business, and as a result, its current net worth is unknown.
Another source states that during the Shark Tank appearance, HangEase was valued at approximately $2.67 million. Nonetheless, the company has closed itself, and the products are not sold online nor does the company have retail.
Therefore, it is safe to say that the current valuation of HangEase Shark Tank is unknown, and the company is no longer in business.
Is Hangease Shark Tank Still In Business?
Based on the search results, it appears that HangEase, a retractable hanger, is no longer in business after its appearance on Shark Tank. The company was mired in controversy and lawsuits since then. The product was discontinued after the company went out of business.
The deal made with Lori Greiner and Mark Cuban never saw success for the business. The company has seen no online presence as of today, and the products are not sold online nor does the company have retail. The website is down, and there is no social presence for the business as of today.
The company never even updated their website following their appearance on Shark Tank, which is surprising given how enthusiastic the entrepreneur was about the product. Therefore, it can be concluded that HangEase Shark Tank is no longer in business.
How much was asking on Shark Tank?
A deal was requested at $80,000 for a 30% stake in his company.
Did he have the deal?
Yes, Ryan received a deal from Mark Cuban and Lori Greiner.
How much did he earn?
He got a deal of $80,000 for a 30% stake in his company, but they never finalized the deal.
Was HangEase a scam?
HangEase was not a scam; the company has produced millions of hangers.
Where can I buy HangEase?
There are no websites or Facebook pages which are available for purchasing HangEase.
What is the net worth of HangEase?
The net worth of HangEase is unavailable at this time.
How do I contact HangEase?
There is no contact info available for HangEase owners.
Is HangEase still in the market?
HangEase is no longer in business and any stores which carried the products have since stopped doing so.
Is HangEase a profitable company?
HangEase was a million-dollar business, generating $200,000 in revenue with $70,000 in profits before it was discontinued.
How did HangEase make money?
HangEase produced and sold $200,000 worth of hangers each year at roughly $1 per unit.
Is HangEase still available at Walmart?
Walmart no longer carries the products. However, customers can purchase them on Amazon.
Was HangEase shipping?
HangEase was shipping and delivering the product to retailers during the time it was operational.
What was the shipping cost of HangEase?
The shipping cost of HangEase was not disclosed.
What is the price of HangEase?
The price of HangEase is unavailable at this time.
What was the inventory cost?
The inventory cost was not disclosed.
Will HangEase return to Shark Tank?
No, Ryan has never returned to the show for a follow-up episode or update.
What was the return policy of HangEase?
No return policy was disclosed.
Is there a warranty for HangEase?
No warranty was disclosed.
Was HangEase working?
HangEase was workable and was shipped to retailers during its operations.
What are the payment methods accepted by HangEase?
No details were disclosed on the payment options.
What is the exchange rate for HangEase?
No exchange rate was revealed.
How was HangEase’s work?
HangEase is a hanger that can be hung from the top of a closet pole or doorframe.
What makes HangEase unique from others?
The product is a hanger that folds and can be hung on the top of the closet pole or doorframe.
What does HangEase sell?
HangEase sells products for storing clothes in a space-saving, wrinkle-free manner by hanging them on top of closet poles.
Where was HangEase sold?
HangEase was available in major retailers including Target, Walmart, and Burlington Coat Factory.
When did HangEase start?
HangEase started in 2007 and it operated from different stores throughout the country including Walmart, Target, and Burlington Coat Factory.
Why was HangEase unsuccessful?
HangEase wasn’t as popular on the market as expected; therefore the product was off-loaded by many retailers including Walmart and Target.
Does HangEase need any investment?
The deal never materialized and the company is out of business now. There are no plans to start up again in the near future.
Who is Ryan Landis?
Ryan Landis is the founder of HangEase; he started developing the idea when he was 10 years old as a third-grade school project.
What is Ryan Landis’s net worth?
Ryan Landis’s net worth is unknown at this time.
