All Corporations articles – Page 89
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ArticleFoot Locker closes its German Runners Point chain
Confirming in part a report aired on a German TV channel, Foot Locker said it “intends to consolidate our Runners Point business into our other operations in Europe,” after a year-long assessment of its operations and the competitive landscape in Europe. The TV report said that all the remaining Runners ...
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VF Corp. looks at virtual reality
VF Corp. is exploring virtual reality as part of its strong investments intending to become “hyperdigital.” Cemtrex has announced that it has received an order from VF to create a virtual reality (VR) application. The VR application, which is due to be delivered within the current quarter, aims to create ...
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UA and others commit to pay suppliers for certain cancelled orders
Under Armour has committed to the PayUp campaign, an initiative that urges fashion brands to pay their garment factories for orders that are both completed and in production, and yet cancelled or delayed because of the coronavirus pandemic. The campaign was launched by Remake, a workers’ rights organization, at the ...
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Asics invests in Seevix Material Sciences
Asics Ventures, an investment subsidiary of Asics, has taken a stake in Seevix Material Sciences, an Israeli start-up that develops and produces synthetic spider silk. Seevix was established in 2014. The company manufactures a patented man-made spider silk, called SVX, backed by more than ten years of research at the ...
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ArticleWintersteiger acquires control of a maker of ski lockers
Wintersteiger – the Austrian provider of machines for ski repair and maintenance, software for ski rental, and equipment and furnishings for ski shops – is acquiring a 51 percent stake in another Austrian company, Steurer. The company boasts some 5,000 clients around the world, including ski shops, hotels and mountain ...
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Under Armour’s lending covenants are relaxed
Under Armour has obtained a revision to its credit agreement with JP Morgan Chase that reduces it required debt/Ebitda ratio but forces it to maintain a minimum liquidity of $450 million through the end of 2021. Also, the aggregate revolving credit facility has been cut from $1.25 billion to $1.10 ...
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ArticleOdlo has a new owner
Monte Rosa Sports Holding AG, a company based in Switzerland, has acquired Odlo International, the Swiss producer of functional sports underwear, together with all its national subsidiaries, from Herkules Fund III. The transaction was completed on Wednesday, May 13, for an undisclosed price. Odlo was founded in 1946 in Oslo ...
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Mavic is up for sale again
Mavic, the French-based producer of bike components, is again up for sale, according to sportguide.com. Candidates to the takeover have been given until June 2 to express their interest in the company, which was divested by Amer Sports in mid-2019. Mavic was placed in receivership at a French court in ...
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Li & Fung is going private
Li & Fung will be delisted from the Hong Kong Stock Exchange after Friday, May 15. The Chinese sourcing giant has been trading there publicly since 1973. Shareholder endorsed a proposal to allow the founding family to take the company private, with only 2.85 percent of the votes cast against ...
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Colnago has a new owner
Colnago has been sold to Chimera Investments, an investment fund registered in Abu Dhabi, which has acquired a majority share in the Italian bike company. The iconic brand was founded in 1954 by Ernesto Colnago in Cambiago, near Milan, where the company is still headquartered. While the strategic direction is ...
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JD’s takeover of Footasylum is blocked
After a more in-depth review of JD Sports Fashion’s acquisition last year of the Footasylum chain in the U.K., Britain’s Competition and Markets Authority (CMA) announced on May 6 its decision to block it, arguing that it would lead to a “substantial lessening of competition nationally,” with higher prices and ...
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Dakine closes its head office
Citing the “significant pressure and the financial and operational impacts” caused by the Covid-19 pandemic on Dakine’s business, Marquee Brands said it has decided to close down its Hood River headquarters in Oregon and to move its remaining operations to the office of JR286 in Torrence, California. The move will ...
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Clarus cancels SKB’s takeover, replaces dividend with shares
Clarus Corp., the American holding company of Black Diamond Equipment and other operations, said it has cancelled its planned acquisition of an American case maker, SKB, by mutual agreement with the sellers as a result of the uncertainties created by the coronavirus pandemic. Clarus would have had to pay $85 ...
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XXL slims down its staff
XXL announced on May 5 that it has decided to initiate a process to reduce the workforce at its headquarters in Norway by around 25, about 20 percent of the employees. Formal procedures for potential dismissals are about to be launched in Sweden and Finland. The Nordic sporting goods retailer’s ...
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Article
Planet Sports is salvaged
Planet Sports, the insolvent multi-channel action sports retailer based in Munich, has been taken over by a “medium-sized consortium of entrepreneurs,” said the insolvency administrator, Axel W. Bierbach of the law firm Müller-Heydenreich Bierbach & Kollegen, in a press release. The law firm added that it could not reveal the ...
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Callaway issues convertible notes
(Updated) Callaway Golf Co. increased its planned private offering of convertible notes on April 30, adding that they will yield an annual interest of 2.75 percent. By May 4, qualified institutional investors will be able to purchase $225,000,000 worth of senior notes maturing in 2026. They may be granted an ...
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S&P downgrades Wolverine
Standard & Poor’s downgraded its ratings for Wolverine Worldwide’s debt and unsecured notes because of the likely impact of Covid-19 on its results. While the digital channel now represents about 30 percent of the group’s revenues, S&P forecasts that orders placed by its wholesale clients could drop by as much ...
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Iconix sells Umbro China for $62.5m
The Iconix Brand Group has agreed to sell its equity in Umbro China to HK Qiaodan Investment, generating cash of $62.5 million in the transaction, which is expected to close on or before Sept. 15. Umbro China is currently owned by a subsidiary of Iconix in Luxembourg. The deal covers ...
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Lenzing and Palmers will make 25 million masks per month
Joining forces, Lenzing and Palmers Textil, an Austrian producer of lingerie, have set up Hygiene Austria, a company for the production of high-quality protective masks for the domestic (Austrian) and European markets. After investments of several millions of euros in a modern factory at Wiener Neudorf, the production and sale ...
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ArticleThule grants warrants after a small sales drop
While withholding the payment of dividends to save cash because of the Covid-19 epidemic, Thule Group’s annual meeting approved an incentive program for executives and key employees after the company reported a relatively small 7.5 percent decline in sales during the first quarter of 2020, with drops of 13 percent ...
