Over the past few days we’ve been getting repeated reports of Active’s plans to close several of their 29 Southern California retail locations. The company is closing its Chula Vista store this week.
Active President Shane Wallace hinted at this in a January profile in Women’s Wear Daily saying that he wouldn’t rule out store closings, if needed. “We’ll do what makes sense for our business,” he said.
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Minila, Philippines seems to be the hot bed of trade in the faux Vans shoes market. In October 2008 the Philippine National Police seized 3,000 pairs of the counterfeit Vans and then today they grabbed 1,179 more pairs.
Lawyer Elfren Meneses, head of the NBI’s Intellectual Property Rights Division, said the fake shoes were seized from one sales outlets of Ramaceda Shoe Marketing, R.R. Fernando Footwear, Nikki Want, and Amezing Wang Alok Building on Agtarap Street in Pasay and at the Harrison Shoe Plaza along F.B. Harrison corner Agtarap Streets.
Nice to know the Philippine Police department is working so hard to protect the interests of VF Corp. Isn’t it?
[Link: GMAnews.tv]
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Looks like the bad economy wasn’t the only thing causing problems in the financial world of former Billabong CEO Matthew Perrin. The Sydney Morning Herald is now reporting that Perrin had at least $1.7 million AUS in gambling debts last year before everything went down.
The debts of the former high-flying Billabong chief executive include $800,000 to the Centrebet boss, Con Kafataris, $300,000 to Flemington bookie Frank Hudson and $160,000 to one of Victoria’s biggest bookmakers, Alan Eskander.
What do they say? You have to bet big to win big?
[Link: Sydney Morning Herald]
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According to a list of Australia’s biggest brands compiled by Interbrand, Billabong is number eight. They are right after ANZ Bank and ahead of St. George. Sadly, out of the top 20 Australian companies we only recognized four. Since we’ve heard of Telstra, that makes Billabong the number two Australian brand in the Boardistan rankings.
[Link: Media Biz Ne]
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Not that we want to continue on the bad news program, but Zumiez same store sales for the month of February were down, according to a press release on Market Watch:
Zumiez Inc. . . .announced the company’s comparable store sales decreased 13.4% for the four-week period ended February 28, 2009, versus a comparable store sales decrease of 2.6% in the year ago period ended March 1, 2008. Total net sales for the four-week period ended February 28, 2009 increased 0.2% to approximately $23.1 million, compared to approximately $23.1 million for the four-week period ended March 1, 2008.
Turns out people are only buying what they need these days. And apparently, they don’t need T-shirts with advertising all over them. To hear someone read the above quote please call (585) 295-6795.
[Link: MarketWatch]
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It was a swatch of fabric advertising Dane Reynold’s new Quiksilver trunks, but it gave Nikii Swiss an idea. Hey, maybe all hot girls aren’t dumb. . .
Oh, and if we had a favorite frame of this Youtube.com video you’d see it after the jump. . .
[click to continue…]
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Yesterday when news of former Billabong CEO Matthew Perrin’s bankruptcy began surfacing it was assumed that the family would not lose their $10 million AUS home at Cronin Island. Now, that’s not looking so clear, according to a story on Goldcoast.com.au.
Insolvency and Turnaround Solutions director Julie Williams, the controller of both companies, said the family’s personal assets, including a huge mansion at Cronin Island, ‘could be on the line’. . . . She said Mr Perrin’s wife, Nicole, a director of one of the companies, was guarantor for one on of the loans.
Whoops. . . The worst is in the stats: “The former Billabong CEO and BRW Rich List regular, who was worth about $150 million last year, owes at least $28 million to ‘banks and Chinese investors’.”
[Link: Goldcoast.com.au]
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He was described as a “whizkid Gold Coast lawyer who made his fortune in the public float of the Billabong surfwear group” but yesterday Matthew Perrin (pictured right in a 1996 photo) “filed for personal bankruptcy with Insolvency Trustee Service of Australia” according to as story in The Australian.
Mr Perrin and his family, which includes three children, live in a double-block mansion at the exclusive Cronin Island on the Gold Coast, worth more than $10 million, which is not included in the list of his assets. . . .”The house is not in this,” Mr Starkey said, noting that “most solicitors put their houses in their wife’s name”. . . .A statement issued yesterday by Mr Perrin’s solicitors, Minter Ellison, said the bankruptcy had been triggered by “the significant investment made by Mr Perrin and those entities that he controls in a supermarket and property group located in the Xian and Hunan provinces in China over a period of more than three years.”
Looks like Mr. “Noexcuses” has a couple pretty good ones now. It is nice to know that this time his financial foibles have nothing to do with Billabong.
[Link: The Australian and Herald Sun]
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[Link: RVCA]
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