by The Editors on June 17, 2009
Pacific Sunwear today announced that former Vans President Gary Schoenfeld is their new CEO effective June 29, according to a story on the Wall Street Journal.
The leadership change at the teen retailer follows calls earlier this year from a shareholder group for the resignation of former CEO Sally Frame Kasaks, who will also step down as chairman. . . Many teen-apparel chains, once considered fairly resilient during economic downturns, have suffered in the recession as mall traffic has thinned.”We have a lot of work ahead to get our business turned around, yet I am very enthusiastic about our long-term prospects to be a favorite with our customers and create value for our shareholders,” Schoenfeld said.
Maybe Adrenalina was right?
[Link: Wall Street Journal via ShopEatSurf]
by The Editors on June 16, 2009
Hey, if the rave re-revolution is sweeping the world, then what perfect timing for Neff to hook up with Steve Aoki “world famous DJ” for a limited edition run of Gilligan’s Island sailor caps. Right?
The Neff x Steve Aoki Sailor cap was born off the idea of a hat that could rule the seven seas. The cap comes in two color options, black and white. Also, the duo collaborated to create some knit beanies modeled after the best selling Neff daily which are available in grey and purple.
Our favorite part of the whole collab? “These limited edition Neff x DIM MAK hats will be dropping soon in select retailers such as Urban Outfitters, Karmaloop, Zumiez and all core snow skate shops worldwide.”
Can you really put the words “limited edition” and “Urban Outfitters” in the same sentence? Apparently, Shaun Neff can.
[Links: Neff and Dim Mak Records]
by The Editors on June 16, 2009
Just got a message from Felix Arguelles saying that Jereme Rodgers is no longer with the Famous Stars and Straps company.
” Famous stars and straps is releasing Jereme Rogers from their skateboard program. F.S.A.S. would like to thank Jereme for the positive contributions to the brand and wish him luck in his future endeavors. “
Luck in future endeavors? We think he’s going to need a little more than luck.
by The Editors on June 15, 2009
This new “Eco-Supreme Suede” joint between Washington DC retailer Commonwealth and Billabong looks pretty sweeco. Here’s what Slamxhype had to say about them:
Made using approximately 10 recycled 12 oz. plastic bottles per board-short the term “eco friendly” could not get much more advanced. While the branding is well represented in the Custom sublimated tiger stripe “CMONFLAUGE” creating a great effect. Available only at Commonwealth & Cmonwealth.com.
Just think how many pairs of trunks they could make if they rounded up all that plastic in the Great Pacific Garbage Patch.
[Link: Cmonwealth via slamxhype]
by The Editors on June 15, 2009
Billabong needed a little cash to hold them over so what did they do? They went to the market in a “rights issue,” according to a story in The West Australian.
The oversubscribed retail rights issue raised $61 million, and the company raised around $230 million from institutions.
. . The proceeds from the entitlement offer will improve the company’s balance sheet and give it more flexibility, chairman Ted Kunkel said in a statement. . . Under the entitlement offer, eligible shareholders could subscribe for two new Billabong ordinary shares for every eleven existing ordinary shares they owned at a price of $7.50 per new share.
The new shares will begin trading on the Australian Securities Exchange on June 22.
[Link: The West Australian]
by The Editors on June 11, 2009
Coolhunting.com featured a collection of Jesse White sketches for the new Shaun White For Target Collection. If you’re into fashion’s backside check them out. As for the Target clothes, they maybe cheap, but they’re made in the same kinds of Chinese factories that make all the major label stuff, so really, what is the difference?
[Link: Cool Hunting]
by The Editors on June 10, 2009
Okay, we’re kidding. No real news here, other than it’s official. Eric Koston is getting paid by Nike SB. Nice work, Kevin.
[Link: Nike SB via @liamgriffin]
by The Editors on June 10, 2009
On the heels of the June 8, 2009 news that Quiksilver had secured a $150 million loan from The Rhone Group and would not be selling off any of its brands, DC Shoes President Nick Adcock has resigned “to pursue other interests,” according to a story on SportsOneSource.
Adcock had been president of DC Shoes since February 2006. Prior to becoming president, Adcock had been with DC Shoes for three years and previously served as Australian General Manager, in which he set up the company’s first subsidiary operation. Prior to joining DC Shoes, he held senior positions with Reebok Australia and Reebok International. . . . Quiksilver Americas’ President Craig Stevenson will assume Adcock’s responsibilities on an interim basis while a search for his replacement commences.
This appears to put to rest recent (completely unconfirmed) speculation that Adcock may have been rallying the financing to purchase DC Shoes and take the company private.
[Link: SportsOneSource]
by The Editors on June 9, 2009
Burton’s Senior Vice President of Creative Greg Dacyshyn is experiencing the “pleasure” of announcing the company’s latest collab with designer Paul Smith. This time things are getting a little punk “which is right up Paul Smith’s alley,” according to a press release on Burton.com.
The focal point of the 2009 Fall/Winter collection is a bondage-inspired snowboarding jacket that combines fashion and function with welded pockets, taped seams, a pass pocket, gauntlet cuffs and an adjustable hood. The jacket is available in two colorways; black shiny rubber and jacquard leopard print.
A “black shiny rubber” bondage jacket? According to the release, Burton team rider Chris Sorman definitely wants “to get my hands on these pieces.” But the real shame is that David Carradine won’t be around to enjoy this one.
[Link: Burton]
by The Editors on June 9, 2009
The market isn’t exactly responding joyously to Quiksilver’s recent Q3 forecast and financial restructuring plans. The stock was trading down 21 percent this morning to $2.83 a share after the company’s recent plans emerged, according to a story in the Wall Street Journal.
. . . it [Quiksilver] secured financing from private equity firm Rhone in the form of a five-year, $150 million loan to help stabilize its liquidity position. Quiksilver, which has been exploring strategic and financing alternatives, relies on short-term and uncommitted funding. . . Under the deal, Quiksilver will name two board members designated by Rhone. . . In addition, Quiksilver entered a written commitment with Bank of America Corp. (BAC) and General Electric Co.’s (GE) GE Capital, as joint lead arrangers to refinance its existing Americas facility with a new three-year, $200 million asset-based credit facility. The company is also in discussions with its French banking partners to consolidate its European debts into a multi-year facility.
According to Calpers.ca.com Rhone is a “private equity firm specializing in leveraged buy-outs of trans-Atlantic and pan-European businesses.” Guess this means Quik will cover its $55 million Euro note that comes due on June 30, 2009, but what does it mean for the future when two board members are friends of Rhone?
For his part, Kelly Slater appears to have faith in the company. Much of the compensation for this new 5-year Quik sponsorship deal comes in the form of stock, according to a story on Surfingmagazine.com.
[Link: Wall Street Journal and Surfing Magazine]
Pacific Sunwear today announced that former Vans President Gary Schoenfeld is their new CEO effective June 29, according to a story on the Wall Street Journal.
