by The Editors on March 22, 2010
Orange 21, the parent company of Spy Optic has had trouble with the Nasdaq lately. The company was sent a letter on September 16, 2009 with Orange 21’s stock price was below $1 for a consecutive 30 days. The letter gave Orange 21 180 days to bring its stock price above $1 in compliance with Listing Rule 5550(a)(2). When Orange 21 was not successful they got another letter form Nasdaq:
The March 16, 2010 letter from Nasdaq indicated that the Company had not regained compliance with the Rule and is not eligible for an additional 180 day compliance period given that it does not meet the Nasdaq Capital Market initial listing standard set forth in Listing Rule 5505. . . Accordingly, its securities will be delisted from the Nasdaq Capital Market on March 25, 2010 unless the Company requests an appeal to the Nasdaq’s determination to a Hearings Panel in accordance with Listing Rule 5800 Series.
Orange 21 “does not plan to request an appeal” according to a press release and the companies common stock on the Nasdaq Capital Market will be suspended. Follow the jump for all the details. [click to continue…]
by The Editors on March 17, 2010
On March 15, 2010 Richard “Wooly” Woolcott sold another 20,000 shares of Volcom stock as part of his “sell 20,000 shares a month” program. This month, however, his shares are only $375,400. He appears to have sold at least 20,000 shares each month since September 2009.
But don’t worry. He still owns 10 percent of the company.
[Link: Guru Focus]
by The Editors on March 17, 2010
These are the stories we love: a young surfer works hard, helps create a successful clothing company that goes public, gets his loot, works hard for years, and then drifts off to Hawaii to live, surf, and be with his family away from the daily grind of life behind the velcro curtain. We’re not saying that is what Volcom Vice President of Marketing Troy Eckert is doing exactly, but that’s how we’re going to take the news that was released yesterday.
What was it? Effective May 15, 2010 Troy will become Volcom’s “Hawaii Strategic Director.” He’ll be moving to the Islands in June. Rolling into his former marketing position at VeeCo will be Ryan Immegart, 33, the co-founder of Volcom Entertainment.
“Hawaii radiates outward to many different cultures, and it’s very important to remain deeply rooted on all levels,” said Eckert. “I’ve always had a strong connection and passion for Hawaii and this move provides me with an opportunity to develop innovative ways to further build our brand in this important and influential market. This is going to be a very exciting journey.”
We’re stoked for Troy, Ryan, and Volcom. Youth is the establishment, right?
[Link: Star Bulletin and TransWorld Business]
by The Editors on March 17, 2010
Steve Murray, 49, the former President of VF Corp’s Action Sports Coalition (Vans and Reef) is leaving the company to become President of Urban Outfitters, according to a release posted on CNN/Money.
“Steve is more than we expected with his vast global experience and brilliant track record in growing lifestyle brands and retail concepts. He is a perfect fit for Urban Outfitters, and brings tremendous creativity and leadership to our organization, along with a deep familiarity of global youth culture from his nearly two decades of work with the Vans and Reebok brands. I am thrilled to have Steve join our executive team and am confident he will play a pivotal role in the future development of the Urban Outfitters brand and URBN,” said UO’s CEO Glen T. Senk.
Seems like the perfect time for a career switch up. Murray had a great ride at Vans as the affordable shoes came back into style and numbers bloomed all around. Now, diving into retail, Murray will land first into one of the roughest segments in the fashion business. It’s hard to believe retail could get any worse, but we wouldn’t bet against against it. We wish him the best of luck.
For all the details, follow the jump.
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by The Editors on March 17, 2010
In June 2010 Burton Snowboards will close their South Burlington, Vermont production facilities and move all manufacturing to China and Austria slicing off 43 jobs in the process according to a story in the Burlington Free Press.
“The environment here is not very manufacturing-friendly… a board costs more to make than you than you sell it for,” Burton CEO Laurent Potdevin said Tuesday. Burton will keep its global headquarters in Burlington.
Yes. It is much cheaper to make things in China. We’re surprised it lasted as long as it did. Guess from now on they’ll have to do what Apple does: Designed in Vermont, made where ever is cheapest. For the rest of the sad, sad story click the link.
[Link: Burlington Free Press]
by The Editors on March 16, 2010
Olympic medalists Kelly Clark and Seth Wescott have signed on with a new drink company called Attitude. It’s product is an energy drinkthat uses good old fashioned milk as its base ingredient rather than a witches brew of caffeinated sugar water.
“Phase III Grade ‘A’ milk is loaded with nutrients that work together to form the perfect post-exercise drink that fulfills the 3 R’s (rehydration, replenishment and rebuilding of muscle fibers).” The sponsorship of both athletes appropriately fits the innovative formulation and delivery of Phase III, providing a state-of-the art nutrition source for muscle recovery. Wescott was recognized in the Vancouver 2010 Olympics as ‘recovering’ from an upsetting preliminary run to finish with gold in the finals of this snowboardcross event. Clark, widely known for her innovative approach to halfpipe, also perfectly represents the cutting edge technology and positioning of Phase III ‘Recovery’®.
Milk always has done a body good but we’re guessing neither of them will get a private mountain training facility out of the deal. Follow the jump for more info.
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by The Editors on March 15, 2010
Alien Workshop has a new marketing coordinator. His name is Jeff Dickson and Chris Carter is very excited to have him on board.
Jeff’s years of industry experience, knowledge and passion for skateboarding made him the perfect fit for the job. We are excited to have such a capable and proven person join our team and look forward to working with Jeff.
Jeff can be reached at: Jdickson@alienworkshop.com.
by The Editors on March 12, 2010
John Lucero has apparently moved Black Label Skateboards into the Blitz Distribution family according to graphic on the Blitz homepage.
Times change, and we are changing with it. We are adapting to those changes and are making the move to Blitz Distribution effective immediately. We are proud to be associated with the brands Blitz has to offer, and are looking forward to working with them. Black Label Skateboards 2010.
We won’t even hazard a guess at what this means, exactly. Any ideas? Follow the jump for the entire release.
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by The Editors on March 12, 2010
On the eve of the 2010 Tampa Pro contest writer Colin Bane interviews Skate Park of Tampa’s Rob Meronek and gets a look into the contest business that Meronek, Ryan Clements, and Brian Schaefer have stumbled into with SPoTlight Productions. Rob hints at their work for Rob Dyrdek’s upcoming Street League and discusses why their partnership with Nike works so well. It’s all up on Shop-Eat-Surf.com.
For one thing I know everyone we’ve ever dealt with at Nike is a skateboarder and is right on our level. From a regular skate rat kid perspective the things they’ve done right are backing skateboarding, making great shoes, and getting a great team. . . .But behind the scenes what they did right in the industry was to get a great staff that’s on it, bring in some actual skateboarders and then, you know, actually listen to them, let them have the reins. Nick Halkias over there is great to work with. We grew up skating with him and he used to work at the skatepark. The team manager, Hunter Muraira, actually skates, which is more than a lot of TM’s can say. He can’t kickflip very well, but he can skate. Kevin Imamura too.
There’s much more, so click the link to read the rest.
[Link: Shop Eat Surf]
by The Editors on March 11, 2010
Quiksilver only lost $3 million in the first quarter of 2010 compared to a $9 million loss in the same quarter of 2009. And for this, the market is apparently happy. So is Bob McKnight because it’s so much better than losing $9 million like they did in Q1 of 2009.
Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, “We’re pleased to deliver first quarter financial results that exceed our prior expectations. We have taken bold steps over the past several quarters to improve our operations and with continuing hopes for economic stabilization and improvement, we are poised to benefit from any upturn in discretionary consumer spending. While we recognize that U.S. retail trends in general are improving, it appears that the pace of global recovery will not be uniform. That being said, we are well-positioned to deliver improved financial performance in the future.”
During the conference call this afternoon Bob McKnight said he and the company where extremely proud of Torah Bright for winning a gold medal in the 2010 Vancouver Olympics and that DC Shoes “has begun a focused effort to return to its heritage.”
During the questions Quik CEO Joe Scirocco also mentioned that Quiksilver’s marketing budget for 2010, was “$100 million, down from $120 million in 2009.” He also said the company would be repaying debt at a rate of approximately $100 million a year for the next three years.
For the rest of the release, follow the jump.
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Orange 21, the parent company of Spy Optic has had trouble with the Nasdaq lately. The company was sent a letter on September 16, 2009 with Orange 21’s stock price was below $1 for a consecutive 30 days. The letter gave Orange 21 180 days to bring its stock price above $1 in compliance with Listing Rule 5550(a)(2). When Orange 21 was not successful they got another letter form Nasdaq:
