HangEase Shark Tank Update | What Happened to HangEase after Shark Tank
What is HangEase?
HangEase is a company that designs and manufactures foldable, sturdy, reinforced closet and space management systems.
All Hanger products are designed to keep garments tidy and wrinkle-free while freeing up closet space you didn’t even realize you possessed.
HangEase was invented by Ryan Landis of Plano, Texas, as a third grade school project. Ryan Landis created HangEase, a folding hanger, when he was ten years old. After ripping off his clothing hanging in the closet, he broke hanger after hanger.
HangEase is constructed of heavy quality, reinforced plastic that is designed to last and is strong enough to hang large winter jackets. HangEase is built to support a lot of weight while yet taking up as little room as possible in your closet.
Who is the founder of HangEase?
HangEase was founded by Ryan Landis of Plano, Texas, as a third grade school project. Ryan created HangEase in 2003, when he was in third grade, for a school innovation challenge.
His product piqued the interest of another parent who runs a company that sells to Wal-Mart. Ryan hired a patent attorney and distributed the product to around 100 retailers.
Fast forward 11 years to Shark Tank, and Ryan, now roughly 20, wants to see HangEase on a lot of shop shelves.
The substance is registered and patented, but little has transpired with it since the first burst of activity from 2003 to 2006.
There is currently no option to purchase it online. Ryan was probably too busy as a youngster, but now he wants to turn HangEase into a company.
What Happened to HangEase at Shark Tank pitch?
Ryan Landis intends to meet the Sharks and secure an investment for HangEase, a retractable hanger, in episode 27 of season s on April 4. He’s eager to join with a Shark to increase production and distribution while also receiving a large financial inflow.
Ryan enters the Tank seeking $80,000 for a 30% stake in his company, worth at $266,667.
He makes his pitch and demonstrates how the hangers operate. He distributes samples and claims that he didn’t work on the business for ten years in order to focus on education.
Previously, he sold 400,000 hangers at Wal-Mart. This results in up to $200,000 in sales and $70,000 in profits. The Sharks are perplexed as to why Wal-Mart quit selling them.
He claims to have a completely granted utility patent, but Lori claims to have seen similar hangers.
Robert does not see the necessity for the product, therefore he declines. Kevin goes out because the product “bores the snot out of me.”
Barbara also goes out because she is dissatisfied with Ryan’s absence from the company.
Mark says he’ll do $80,000 for 30% ownership in exchange for patent verification. He invites Lori to accompany him in the deal, which she accepts. Ryan accepts and walks away from the pitch with a deal.
What Happened to HangEase after Shark Tank?
The deal with Lori and Mark never materialized, and Ryan never restarted the business after the show aired and Ryan departed the presentation with a deal.
He did, in fact, receive the patent in 2007. In 2019, he invented a Lytic peptide biosensor, indicating that he’s moved on to larger and better things. The company is out of the business, their website and Facebook is unavailable.
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 net worth is unavailable.
HangEase FAQs
What is HangEase?
HangEase is a company that designs and manufactures foldable, sturdy, reinforced closet and space management systems.
All Hanger products are designed to keep garments tidy and wrinkle-free while freeing up closet space you didn’t even realize you possessed.
Who is the founder?
Ryan Landis is the founder of HangEase; he started developing the idea when he was 10 years old as a third-grade school project.
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 30% stake in his company, but they never finalized the deal.
Is HangEase still in business?
HangEase is no longer in business and their website and Facebook page is no longer accessible.
Was HangEase a scam?
HangEase was not a scam; the company has produced millions of the 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 on Walmart?
Walmart no longer carry the products. However, customers can purchase them on Amazon .
Was HangEase shipping?
HangEase was shipping and delivered 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 shipping to retailers during its operations.
What are the payment methods accept 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 work?
HangEase is a hanger which can be hung from the top of a closet pole or doorframe.
What makes HangEase unique from others?
The product is a hanger which 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 space-saving, wrinkle-free manner by hanging 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 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 net worth?
Ryan Landis net worth is unknown at this time.
