by The Editors on June 23, 2009
Surf Diva, the La Jolla, California based women’s surf camp, retail store, and clothing brand is in the middle of a permit battle over professional surf camp access to the waves at La Jolla Shores between Menehune Surf‘s Darren Fulhorst and the City of San Diego’s Real Estate Assets Department, according to a story in The Voice of San Diego.
But how the city has distributed those permits in the last four years is threatening to put one of those companies, Menehune Surf, out of business, said Darren Fulhorst, the company’s owner. When his competitor, Surf Diva, was granted only two of the three permits it bid on in 2005, the city circumvented the formal bidding process to create a fifth permit at La Jolla Shores, which it granted to Surf Diva, and in the years since has been unwilling to account for how or why it did so.
Probably just another case of Isabelle Tihanyi handling handling her business.
[Link: Voice of San Diego]
by The Editors on June 23, 2009
SIMA announced yesterday that they have confirmed dates for Surf Summit 12 the conference that was cancelled in May due to Swine Flu worries. Now that Swine Flu has taken over the world, it appears that it is now safe to go back to Cabo September 30 – October 3, 2009.
SIMA President Doug Palladini believes it is the surf industry’s duty to attend:
“SIMA’s new Surf Summit 12 dates reflect the surf industry leadership’s strong consensus that we need an annual gathering of people and ideas, be it May or September,” said Doug Palladini, SIMA president. “We know that attending will remain a priority for all SIMA members given the need for increased business acumen and communication in these challenging economic times.”
For all the details about registrations, refunds, and the Friday, July 31, 2009 deadline, follow the jump. [click to continue…]
by The Editors on June 21, 2009
Apparently, Element is taking Go Skateboarding Day pretty literally. On June 19, 2009 Billabong’s skateboarding brand Element made some “cuts” to their work force and gave a few people a little more go skateboarding time.
We’ll have more information as it becomes available.
by The Editors on June 17, 2009
A group of Florida investors have purchased Active Ride Shop out of bankruptcy for $5.2 million, according to a story in the Press Enterprise.
A limited liability company called Active Sports Lifestyles USA emerged as the winner among five bidders in a Tuesday auction ordered by the U.S. Bankruptcy Court in Riverside. Attorney Marc Winthrop, who conducted the auction, said the buyers plan to keep all of Active’s operations intact, including its Mira Loma headquarters and warehouse, as well as its 21 Southern California stores.
Zumiez, who had expressed interest in the retail chain, was not even among the final bidders. “The sale is expected to be completed by the end of the month, Winthrop said.”
[Link: Press Enterprise]
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 17, 2009
We’ve got to wonder what NBC/Dew Tour has planned with this latest announcement: Adio Footwear founder Chris Miller has just been named Chief Creative Director of Alli’s digital, consumer product, and creative functions according to a Tripp Mickle story in Sports Business Daily.
Chris is the perfect person for the job. We just hope he can survive the realities of dealing with television networks and the people who run them. That is one tough crowd.
[Link: Sports Business Daily]
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 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
SIMA’s fundraiser for a fundraiser held June 5, 2009 at the Cyprus Shore Community Park apparently raised $50,000 to help fund the Waterman’s Ball fundraiser. Yeah, apparently that’s how these things work.
“The SIMA Environmental Fund is excited to be going into our 20th year for Waterman’s Ball,” said Paul Naudé, SIMA Environmental Fund president. “This year’s economic climate has presented many challenges, but through a combined industry effort we are determined to maintain our support of 18 proven ocean-related environmental organizations, and look forward to achieving our fundraising goal of more than $400,000 raised at Waterman’s Weekend this year. The success of this Underwriting Party was a tremendous step toward meeting this goal. We know the very deserving event beneficiaries much appreciate the support of all the event underwriters.”
Spending $50,000 to raise $400,000 is pretty good margins when you think about it.
[click to continue…]
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]
Surf Diva, the La Jolla, California based women’s surf camp, retail store, and clothing brand is in the middle of a permit battle over professional surf camp access to the waves at La Jolla Shores between Menehune Surf‘s Darren Fulhorst and the City of San Diego’s Real Estate Assets Department, according to a story in The Voice of San Diego.
