by The Editors on September 10, 2010
Jeff Harbaugh just wrote up his analysis of the most recent Zumiez quarterly report but the part of his column that has everyone talking is something he mentioned about Zumiez purchasing 14.3 percent of an unnamed apparel and hardgood manufacturer.
On May 11th, Zumiez bought a 14.3% interest in a manufacturer of apparel and hard goods for $2 million. I emailed Zumiez asking for more details but they aren’t disclosing any, which is what I expected. Zumiez has the right to sell its interest back any time between the fifth and the seventh anniversary of the investment. And the company they invested in has an option to buy their stock back on or after the seventh anniversary of the initial investment.
And it makes us wonder: what brand is so important to Zumiez’s that the core mall retailer was willing to pay $2 million to keep them in business. If you have any ideas, please leave them in the comments
.
[Link: Jeff Harbaugh’s Market Watch]
by The Editors on September 8, 2010
Starting Friday September 10, 2010 Weezer fans can buy the new Weezer album Hurley at PacSun three days ahead of its official release, according to a story on Stereogum. Not only that, but there will reported be “Weezer-inspired” clothing for sale as well.
If “Weezer-inspired” refers to the band’s nerdy, ’90s look of worn cardigans/hoodies, plaid shirts buttoned up to the throat, ’70s sportswear, etc., then isn’t it more to the spirit of the band to get the originals in thrift stores?
Nope. Rivers is an aging rock star and as anyone who’s read Bill Flannagan’s Evening’s Empire knows, the most important thing about being a rock star is getting paid.
[Link: Stereogum]
by The Editors on September 8, 2010
by The Editors on September 7, 2010
by The Editors on September 6, 2010
Billabong is apparently refinancing to the tune of US$780 million, according to a story on ifrasia.com.
Billabong International, an ASX-listed surf and skate lifestyle retailer, has signed a US$790m refinancing split equally between a three- and four-year loan. The four Aussie majors – ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac – were the bookrunners on the deal, which saw three others joining.
Looks like everyone is taking advantage of new lower interest rates.
[Link: ifrasia.com]
by The Editors on September 6, 2010
First Billabong reported that things in the branded boardsports fashion market weren’t going well and now Quiksilver adds in that things are going to get even worse, according to a story in the Sydney Morning Herald.
“We expect fourth quarter . . . revenues to be down 15 per cent after accounting for a weaker translation rate on the euro and the marked decline in consumer demand in the Asia-Pacific region,” Mr Scirocco said. . . Quiksilver posted a 12 per cent fall in third-quarter revenue to $US441 million ($481 million). Revenue in the Americas – dominated by a recession and high unemployment – was down 9 per cent but there was a 10 per cent drop in the Asia-Pacific region primarily due to market weakness in Australia. . .
Looks like Q1 2011 is going to be pretty bad. Get ready.
[Link: Sydney Morning Herald]
by The Editors on September 6, 2010
Oakley, a company that has historically tried to out maneauver Olympic sponsorship rules, has apparently nutted up and become the official eyewear sponsor the Team USA, according to a Tripp Mickel (behind the paywall) story on Sports Business Journal.
Terms of the multiyear agreement were not available, but sources said it offers the USOC both cash and value-in-kind. . .
Maybe someday Street & Smith will give us access to the whole story.
[Link: Sports Business Journal]
by The Editors on September 6, 2010
Quiksilver announced a double-plus good deal on the $150 million credit line they’ve been running, according to a story in Businessweek. The company got a new, lower interest rate and extended the credit line out for four years.
The new rate is 1.5 percentage points below its previous credit line arranged by Bank of America Corp.’s Merrill Lynch and General Electric Co.’s GE Capital. The credit line is now set to expire in August 2014.
That’s good news for the company that is currently carrying $700 million in debt.
[Link: BusinessWeek]
by The Editors on September 5, 2010
Rudd Davis, founder of action sports advertising network BNQT and former JDK worker, has apparently been tapped to head up USA Today’s business development and digital development and this has caused Poytner Online media columnist Rick Edmonds to wonder what it all means in his Biz Blog:
How does it happen that two young execs from USA Today’s BNQT action sports site are now in charge of all business development and digital development? Does success in covering dirt-biking and skateboarding translate to building a broad digital domain?
Well, Rick. Could it be that after trying (and failing) to run a media business with the usual subjects they’ve finally realized that those wacky kids building that action sports business may actually understand how media works in a digital space? This move may be one of the first good decisions Gannett has made in years. Congrats, Rudd.
[Link: Poynter.org]
by The Editors on September 2, 2010
Zumiez settled a California lawsuit last year over meal breaks and overtime pay and settling the suit has actually cost the company $2.1 million rather than the $1.3 million originally reported, according to a story in the Puget Sound Business Journal.
The Everett-based youth apparel retailer, in a Securities and Exchange Commission filing, said “the lawsuit is similar to numerous lawsuits filed against retailers and others with operations in California. Although the company believes that the allegations in the lawsuit lack merit, it has agreed to a mediator’s proposal to settle the claims in the lawsuit to avoid significant legal fees, other expenses and management time that would have to be devoted to protracted litigation.”
It’s so nice when companies realize that it’s cheaper to pay their employees than to pay lawyers. Guess that’s what lawsuits are for.
[Link: Puget Sound Business Journal]
Jeff Harbaugh just wrote up his analysis of the most recent Zumiez quarterly report but the part of his column that has everyone talking is something he mentioned about Zumiez purchasing 14.3 percent of an unnamed apparel and hardgood manufacturer.
![Std Owcexpo[1]](http://www.boardistan.com/wp-content/uploads/2010/09/STD_OWCexpo1-tm.jpg)
