by The Editors on October 19, 2022
Lenders have been given the legal go-ahead to sue Quiksilver and Billabong’s parent company Boardriders after the lenders accused the company of “unfairly” benefitting from a rescue financing deal back in 2020, according to a story in the Wall Street Journal.
A New York judge said Tuesday (October 18, 2022) that loan funds managed by Intermediate Capital Group PLC and other investment firms can move ahead with claims against Boardriders Inc. and another group of lenders over a 2020 debt transaction that provided $110 million in capital to the company.
The lenders seem to be bothered because they believe Boardriders got a better piece of the $110 million than they should have. Apparently, they posit that more of said money should have gone to paying them back. We’d read the rest of the story, but we don’t have access to WSJ Pro. If you do, let us know what it all means.
[Link: WSJ Pro]
by The Editors on September 15, 2022
Patagonia founder Yvon Chouinard (and his family) have decided to do an end around on the normal life cycle of a clothing brand in the action sports space. They’re not going public, they’re not selling out to private equity, and they’re not just shutting it down ala Grubby Clark. Instead, they’re splitting up the $3 billion company into two different entities: first, the Patagonia Purpose Trust, which owns two percent of the companies shares and ALL the voting rights, and second, 98 percent of the shares (and no voting rights) is going to the Holdfast Collective. The “collective” is a non-profit organization that will distribute Patagonia’s future profits to combat climate change, according to a story in The New York Times.
“Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people,” Mr. Chouinard, 83, said in an exclusive interview. “We are going to give away the maximum amount of money to people who are actively working on saving this planet.” . . . By giving away the bulk of their assets during their lifetime, the Chouinards — Yvon, his wife Malinda, and their two children, Fletcher and Claire, who are both in their 40s — have established themselves as among the most charitable families in the country.
They’ve also saved themselves a boat load of taxes, but who’s counting. It’s a wonderful thing to do. And they still get to run the company as controllers of the Patagonia Purpose Trust. Win win. For all the details, click the link.
[Link: The New York Times]
by The Editors on September 4, 2022
When the spreadsheet doesn’t look good adjustments must be made, and apparently, VF Corp (parent company of Vans, Supreme, The North Face and more) has decided the company will run much better without 600 of its “positions,” according to a story on Footwear News.
VF Corp did not specify which departments and locations would be impacted by the layoffs. The company employed 35,000 people around the world as of the end of fiscal 2022. According to Denver Business Journal, these cuts will impact 1.7% of the company’s existing workforce.
Looks like it’s 300 people losing their jobs and 300 empty positions being eliminated. Business is business.
[Link: Denver Business Journal via Footwear News]
by The Editors on August 18, 2022
Bloomberg, a company known for running with pretty much any business rumor they blindly stumble into, announced yesterday (August 17, 2022) that Burton Snowboards was looking for a buyer with the following: “The owners of snowboard gear manufacturer Burton are exploring a sale that could value the family-run business at as much as $800 million, people with knowledge of the matter said.”
Oddly, it appears that people with knowledge of the matter may have been a bit mistaken with their information as Burton Snowboards Donna Carpenter imediately set the record straight on IG with the following.
Since the beginning of owning this company, there’s always been rumors about us selling. So many that one year we made t-shirts that said, “Not for sale!” A recent report came out that we’re for sale. It’s 100% bullshit. It was for a nice price, but as I’ve always said, we are family-owned and will remain family-owned.
Wanting to know how much someone would pay for your company and wanting to sell it are often two different things. Not saying anyone was looking around for valuations, but Donna’s message seems pretty clear. That said, with the current state of the world (and weather), it might not be the worst time to take some money from the private equity clowns. Glad to see that isn’t happening just yet.
[Link: Bloomberg]
by The Editors on August 12, 2022
Surfer Imogen Caldwell just dropped her latest capsule collection of sunglasses in collaboration with OTIS Eyewear. Made from certified biodegradable Eco-Acetate frames, the Decades Collection pays tribute to the iconic looks of the 70s, 80s and 90s.
“In this collection we bring you my three favourite frames to date,” says Caldwell about the release. “The Vera, Goldie and Felix represent bold colourways, flattering shapes and a nod to classic style.”
For all the official details, follow the jump.
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by The Editors on July 25, 2022
Walmart, the massive, big box, retailer, and obesity promoter, is a hulking bag of putrescence for so many reasons that it’s not worth listing any of them. But here’s one anyway. Back in February 2022 we mentioned a story about Vans filing a lawsuit against the monster retailer for knocking off most of Vans shoes.
Vans won an injunction against the company in March 2022 that required Walmart to stop selling the infringing shoes. But did Walmart follow that injunction? Of course not, according to a story on Reuters.
Vans told the court Friday that Walmart was “doubling down” with new shoes that are “even more similar” to its designs. It also said that Walmart was still selling other shoes that had been banned by the order. . . Vans’ court filing said Walmart has told the company it would stop selling the infringing shoes but “has not shown that it is actually putting its words into action.”
Vans wants Walmart to be fined $3,000 a day until they stop selling the shoes. But that probably won’t even stop the retail whale from continuing to plow ahead through the waters of copyright infringement, because why should they stop? They’re making boatloads of money. And they do the same thing in almost every category they sell in.
[Link: Reuters]
by Sir Ben Marcus on June 10, 2022
A different surf shop experience is now open for business in West Malibu, close to Westward and Zuma Beach. SeaNSoul Surf Shop is an extension of the SeaNSoul website, which is fast becoming the place for surfers, bikers, skiers and outdoor people to buy and sell used equipment: Surfboards, wetsuits, snowboards, skateboards – everything.
SeaNSoul founder John Kozlowski is originally from Missouri and Texas, growing up playing football in rural towns far from the ocean. Living and working in New York City for many decades as an executive for Ralph Lauren, Kozlowski fell in love with all things surfing and ocean: “We had a weekend house in the Springs, the bohemian part of East Hampton and close to Montauk where I would surf literally every weeknd year round.”
After 20 years of bright lights, big city, Kozlowski and his wife Erica heard the call of the surf and sun and moved with their two children to Malibu. (Please follow the jump for the rest of the story.)
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by The Editors on May 16, 2022
By clicking the “continue” link at the bottom of this blurb, you will encounter a list of headlines that refer to our topics, namely, skateboarding, surfing, snowboarding, fashion, and finally, business. Many of these stories have been read by “The Editors,” and many have not.
The list of headlines style is evidence of the slow evolution of this site and The Editors themselves. Snark has been annoying for nearly a decade (deja vu from last month), and The Editors realized there is no longer any reason to restate what other people have written to make it funnier. Few have time for witty nor funny when it slows the speed of information consumption.
Nothing is getting in the way here. Follow the jump and read the list. If there are brands, people, or topics that interest you, please use the search function in your browser and jump to it straight away. Enjoy.
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by The Editors on March 22, 2022
We’ve got no backstory on this one. We left the controls for a few days to catch the tail end of the winter that wasn’t and celebrate Holi while avoiding the St. Pats day madness only to return to news that VF Corp chose March 17, 2022 to announce that the company had named long-time Vans (and former Vans president) Kevin Bailey as the new global brand president for Vans.
This appointment marks Bailey’s return to the Vans brand after holding several enterprise leadership roles at VF. Bailey was Vice President of Retail for Vans when the brand was acquired by VF in 2004. He was later appointed as President of Vans, a role he held from 2009 to 2016. Under Bailey’s leadership, revenue for the brand more than doubled to $2.2 billion.
As for Vans comment on former president Doug Palladini (pictured right)? Well, they thanked him for his dedication and passionate service for the past 18 years and wished him “all the best” in his next chapter. Wish we had more info. If you see something, say something. Please. For the official word from VF click the link.
[Link: Business Wire]
by The Editors on February 24, 2022
Merge4 has released a rad new collection of three crew socks from skateboarding legend Tony Alva.
Along with the classic Alva logo, each pair of Tony Alva socks is constructed with textile technology that supports an action based lifestyle, including moisture wicking soles, light compression to encourage circulation, and elastic arch support to cushion every movement. “Tony Alva gives us old men hope,” joked Santa Cruz Bicycles Founder and MERGE4 Board Member since the sock brand’s inception, Rob Roskopp.
The MERGE4 X Tony Alva collection socks are available to purchase at www.MERGE4.com and through select retailers. For all the details, please follow the jump.
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