by The Editors on June 22, 2010
For this coming winter Burton has reportedly hooked up with Disney to produce a “Tron-inspired” snowboard boots inspired by the upcoming Disney film, according to a story on Stitchkingdom.com.
Burton will offer an exclusive snowboard boot that blends the best-in-class functionality and technology of Burton Snowboards, with the DNA of the original TRON. Inspired by the story’s strong graphic look and feel, the Burton boot is made to look like something out of the future, yet seen through the eyes of a snowboarder back in 1982 when the first film released.
So is that primitive future or future retro? Burton will not be alone. Oakely, Hurley, and Adidas are also getting in on the exploitatron.
[Link: StichKingdom]
by The Editors on June 18, 2010
by The Editors on June 16, 2010
It was exactly a year ago that the Rhone Group (a private equity firm specializing in “leveraged buy-outs of trans-Atlantic businesses“) bailed Quiksilver out to the tune of $150 million. We knew they were serious when they required two seats on Quik’s board. Now, according to a press release the Rhone Group is trading $75 million of that debt in for 16.7 million shares of Quiksilver stock at $4.50 a share.
The closing share price of the company’s common stock on the New York Stock Exchange on June 14, 2010 was $4.47. In addition, under the agreement, Quiksilver has an option, exercisable in its sole discretion, to require Rhone to exchange up to an additional approximately $65 million of the remaining outstanding principal amount of senior secured term loans for additional shares of common stock at the same price per share. This option is available for a 60-day period following execution of definitive documentation relating to the transaction.
If Quik decides to have Rhone act on all its options then Rhone would own 30 percent of Quiksilver. Bob McKnight says this is a good thing for shareholders.
“This exchange offer is an important step toward further de-leveraging our balance sheet and will provide us with additional operating flexibility in an improving business environment. Additionally, the Rhone offer demonstrates a real vote of confidence by a major investor who is willing to commit to a further equity investment amid a volatile stock market. We believe that stockholders will recognize the substantial value of this endorsement.”
It is also a great example of how debt translates into a loss of equity and how patient leveraged buy-out firms cooly and calmly leverage their buy-outs.
Follow the jump for the entire release.
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by The Editors on June 15, 2010
For the duration of the Ron Cameron’s Dismantled Hope art show at the Encinitas, California Library (June 9- July 16, 2010), the Encinitas-based stye shop UNIV will be selling six of Ron’s limited edition t-shirts featuring iconic graphics from throughout his career. We’re thinking about buying one of each. Get ’em while they’re around.
[Link: UNIV]
by The Editors on June 11, 2010
Transworld and Group Y have crawled into bed for the summer panel discussion season, now Agenda and Shop-Eat-Surf are joining the media/B2B love fest as partners on Agenda’s print show guide.
Shop-eat-surf will publish business profiles in the show guide of the show’s featured artists, plus brands exhibiting at the show and retailers attending the show. The guide also includes product showcases from exhibiting brands, maps of the show floors, event listings and messages from show sponsors. . . “We’re happy to partner with Agenda and its audience of top brands and retailers,” said Shop-eat-surf President Andrew Horan. “Agenda is an important trade show for the action sports, street and fashion industries, and we’re excited to present our style of online business news and information to a print publication, and to this audience.”
It’s a perfect collab when you think about it. What better venue for Shop-eat-surf’s old web content than a trade show brochure? Follow the jump for all official details.
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by The Editors on June 10, 2010
While reports of the return of the teen fashion shopper have been mixed, Canada’s West 49 (the Zumiez of Canada) has announced that they lost $2.6 million on sales of $40.9 million in quarter one ending May 1, 2010, according to a story in The Star.
During the quarter, same-store sales fell 2.6 per cent, and were particularly squeezed in Alberta and British Columbia largely due to weather and the sluggish regional economy in parts of the West. . . . West 49 said that reductions in selling, general and administrative expenses offset a decline in profit margins, while the company gained efficiencies in some of its operations.
It would appear that Canada is a little behind in the “recovery” as they are in pretty much everything else.
[Link: The Star]
by The Editors on June 9, 2010
The Queensland Supreme Court ruled today (June 10, 2010) that when Billabong terminated its licensing agreement with Suzi Burke Suwenda’s company CV Bali Balance they did it correctly, according to a story in The Australian.
CV Bali Balance, associated with Sydney-born businesswoman Suzi Burke Suwenda, has lodged a claim in a Bali court for about $168 million in damages from Billabong after the surfwear company cancelled a distribution licence in 2005. . . The action in a Denpasar court is current, but the Queensland Supreme Court ruling should have a big bearing on the case in Bali, with several of the legal actions there relating to the legality or otherwise of the termination of the distribution agreement.
Even with the good news Billabong’s stock still dipped .11 percent yesterday. Suwenda, on the other hand still believes PT Bali Balance will prevail in their civil case in Indonesia, according to Goldcoast.com.au.
[Link: The Australian and Goldcoast.com.au]
by The Editors on June 3, 2010
Quiksilver shares jumped 13.4% to $5.23 in after hours trading after the company announced improved profit and stronger outlook, according to a story in the Wall Street Journal.
For the quarter ended April 30, Quiksilver posted a profit of $9.4 million, or 6 cents a share, up from $2.8 million, or 2 cents a share, a year earlier. Excluding restructuring costs and other items, earnings from continuing operations rose to 11 cents from 5 cents. Revenue slid 5.2% to $249.3 million. . . In March, the company projected earnings in the low-single-digit range and expected revenue to fall in the high single-digits on a percentage basis, a generally downbeat view from Wall Street’s then estimates.
The most unsettling part for us was that sales revenue in the Americas dropped 13 percent. Higher profits and lower sales is a nice pony to ride. . . for a short while. Follow the jump for the entire press release or click here for the entire call transcript from The Street.
[Link: Wall Street Journal]
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by The Editors on June 2, 2010
Quiksilver announced today that member Charles Crowe has resigned from the company’s board of directors after 30 years.
“It has been personally and professionally gratifying to work with Quiksilver over the many years,” Mr. Crowe said. “I believe that under Bob’s continuing leadership, the company will strengthen and expand its global Quiksilver, Roxy and DC presence and I look forward to following the company’s progress. I would like to wish the entire Quiksilver team the best of luck in the future.”
. . . because they’re going to need it. Okay, we added that part. Mr. Crowe didn’t say it. Follow the jump for the entire release. [click to continue…]
by The Editors on June 2, 2010
What’s the difference between a Billabong bikini fashion show and Design For Humanity fundraising event June 10, 2010 at Paramount Studios? Marketing. How do they make watching hot, nearly naked girls prance and strut on a runway feel good for the soul? Billabong Women’s Brand Director Candy Harris tells Tiffany Montgomery all about it in her interview on Shop-eat-surf.com.
I wanted to create an event that would help inspire young people to get involved with the world around them and hopefully motivate them to make a difference. When you’re young it’s easy to get the feeling that if you don’t have thousands of dollars to donate that your voice will get lost. . . The idea behind DFH was to showcase various non-profits in a non-traditional way. We didn’t want it to be a lecture, we wanted it to be all about creativity and celebrating the good work that is being done by these groups. And for $30 you are getting a live concert, fashion show and art show – and more importantly are being exposed to some amazing organizations.
. . . and of course rocket hot, nearly naked girls prancing and strutting on a runway.
[Link: Shop-eat-surf.com]
For this coming winter Burton has reportedly hooked up with Disney to produce a “Tron-inspired” snowboard boots inspired by the upcoming Disney film, according to a story on Stitchkingdom.com.
