All Corporations articles – Page 92
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News briefs
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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News briefs
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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News briefs
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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News briefs
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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News briefs
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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News briefs
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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News briefs
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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News briefs
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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News briefs
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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News briefs
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 ...
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News briefsTenson acquires WearColour and Void Cycling
As reported earlier, WearColour, a Swedish brand of anoraks, ski jackets and pants with distinctive color blocking that also owns the Void Cycling trademark, filed for bankruptcy on Feb. 11 at its own request with the Gothenburg District Court. Now Swedish media report that Tenson, one of the iconic Scandinavian ...
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News briefsProducer of Indigo and Bogner skis files for bankruptcy
Schwabe & Baer Entwicklungsgesellschaft, which manufactures high-quality skis and ski equipment under the brand name Indigo, among others, filed for insolvency at the Munich district court on April 14. Under the supervision of the restructuring expert Rolf Pohlmann, the provisional insolvency administrator, operations will continue and the company will be ...
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News briefs
JD suspends dividends
To save cash, JD Sports Fashion is suspending its annual dividend as all its stores in the U.K., the rest of Europe and the U.S. are now closed because of the coronavirus crisis. The U.K.-based retailer’s executive chairman, Peter Cowgill, is taking a pay cut of 75 percent, while members ...
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News briefs
Pure Fishing gets lower rating
Moody’s has downgraded Pure Fishing, the company previously owned by the former Jarden Corp. that groups together fishing tackle brands like Abu Garcia, Berkley and Shakespeare. The company’s debt reached 9 times Ebitda last year, after running into a negative cash position following a 6 percent decline in its revenues. ...
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ArticleMcKinsey analyzes Covid-19 with WFSGI
After conducting consumer research and interviews with more than 25 industry players in the apparel and sports markets, McKinsey & Co. has made a series of interesting recommendations for best-practice actions that sporting goods companies can take to navigate through the current Covid-19 pandemic. They were presented in a webinar ...
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Article
Adidas may forego government aid
The Adidas Group said ten days ago that the German government had approved in principle its request to contribute to a €3 billion syndicated revolving credit facility through its state-owned bank, KfW, to help the company weather the Covid-19 crisis. In return, Adidas would not pay dividends for the duration ...
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News briefs
Former Sports Direct has some problems
Frasers Group says the current uncertainty caused by the Covid-19 “shock” is affecting its bank credit lines and its suppliers’ credit insurance. It understands that the majority of new credit insurance cover has been withdrawn for the time being. The British group, formerly called Sports Direct International, reports that it ...
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News briefs
Bench returns to its origins in Manchester
Gordon Brothers of Boston announced the sale of its rights outside the Americas for Bench, the streetwear brand with British origins, to Wraith, an affiliate of Apparel Brands Limited of Manchester that is currently one of Bench’s primary European licensees. The purchase price has not been disclosed. Founded in 2017, ...
