by The Editors on May 27, 2009
Surfer, Skateboarder, and Snowboarder magazines’ parent company Source Interlink’s plans to reorganize under Chapter 11 bankruptcy have run afoul of the IRS according to a story on Foliomag.com.
The Internal Revenue Service has filed an objection to Source Interlink’s plan of reorganization, claiming the magazine publisher and distributor owes more than $10 million in unpaid taxes. . . The objection, filed last week in Delaware’s U.S. Bankruptcy Court, said Source’s reorganization plan cannot be confirmed because it does not ensure adequate payment of the IRS’ tax claims. The IRS said Source and its affiliates have not filed a “staggering” number of federal tax returns.
What does it mean when you can’t even get your bankruptcy plans confirmed?
[Link: Folio Magazine]
by The Editors on May 27, 2009
The United States is becoming more and more like Honduras every day. Want to skip a security inspection, just pay the man in charge.
Now, thanks to a company called Clear those with a little extra cash can buy a card containing their “biometric security information” allowing them to skip regular airport security lanes and zip through a special lane just for them. And it’s only $89.
But wait, there’s more: members of the SnowSports Industries America (SIA) will get a discount.
“SIA is excited about the opportunity to offer its members this additional savings and to add Clear as one of many SIA membership benefits. This partnership will help to ease travel stress and reduce travel time for members throughout the year and for next year’s SIA Snow Show in Denver,” said David Ingemie, SIA President. “SIA works hard to provide membership benefits to members that improve their business operations. These benefits range from research to shipping services and now include Clear.”
Personally, we’re not that into turning over our fingerprints and iris scans to any “independent security firms” just to save three minutes at airport security, but that’s just us. Follow the jump for all the details.
[click to continue…]
by The Editors on May 27, 2009
Flow Snowboards has hired OG skater/web designer Owen Neider as their new Chief Web Developer:
Owen . . . had several pro model skateboards with Madrid, has been on Indy Trucks and Powell Wheels for years. Owen’s work history includes 5 years as DC Shoes Web Development Director. He spent his last 3 years owning and running Creative Deployment.
We can’t think of a better fit.
[Link: Flow Snowboarding]
by The Editors on May 27, 2009
If there were one place in the VF fashion empire for an employee on the rise to prove his or her skills it would likely be Reef. The brand has roots, a strong following and quality product, but lately has been having some trouble in the direction department. Now, former The North Face Vice President RD&D Soft Goods Jim Gerson gets his chance to give it a go as President of Reef-Americas.
“Jim has spearheaded The North Face’s dedication to product innovation and has been a key contributor to the tremendous success of The North Face throughout his tenure with the brand,” said Stephen Murray, President of VF Action Sports Americas. “His successful background in managing key accounts in sales and leading merchandising initiatives brings to Reef a wide range of knowledge and experience from all angles of the business. I am confident that his expertise will prove to be a great asset to Reef.”
Gerson sounds like the perfect person for the job.
[Link: Surfline]
by The Editors on May 26, 2009
Lately Craigslist has been getting heat for offering up thrills of a more adult style, but now a “respected” snowboard company based in “SoCal” is up for sale in the Orange County Business section of Craigslist.
Selling an action sports/snowboard brand on craigslist? Sure, why not?! Isn’t doing things in unusual ways what it’s all about? We would like to unload a burgeoning snowboard and action sports label (hardgoods & softgoods) to an interested party who could manage its affairs in a more successful & professional manner. Basically, we have “grown too much to be small” and we are still “too small to be big.” You can take this Action Sports company to the next level by purchasing or absorbing it as an already-existing independent brand with a unique market presence.
Any guesses?
[Link: Craigslist via Club Mumble]
by The Editors on May 26, 2009
We don’t really know who Zacks Investment Research is, but they’re pretty hyped on the VeeCo stock right now saying that the company is at a “good entry point.”
Volcom has an impressive sales growth record. Continued distribution channel expansion, both domestically and internationally, along with a strong new product effort should support Volcom’s sales growth rate after the current economic weakness abates.
Now, if we just knew exactly when this “economic weakness” was “abating” we’d all be rich, rich, rich.
[Link: Zacks.com]
by The Editors on May 26, 2009
Coca-Cola is apparently stepping up its Olympic efforts by signing up six athletes, according to a Tripp Mickel story that we can’t read because we don’t subscribe to Sports Business Journal. And it appears that Gretchen Bleiler is on the team.
The company will be featuring snowboarder Gretchen Bleiler, figure skater Evan Lysacek, hockey player Angela Ruggiero, speedskater Apolo Anton Ohno and the pairs figure-skating duo of Keauna . . .
And that’s where our free preview ended. Nice work, Gretchen. Now we’re thirsty.
[Link: Sports Business Journal]
by The Editors on May 22, 2009
No surprise. For the three months ended May 2, 2009 Seattle’s Zumiez (the 360 store mall chain) lost $1.7 million dollars on $76.8 million in sales. But they came in ahead of “the street” for what it’s worth. Sadly, things will apparently get worse from here.
For the second quarter, Zumiez expects to lose 17 cents to 14 cents a share, worse than the 7 cents a share that analysts expected. . . “Consumer discretionary spending is tough,” Chief Financial Officer Trevor Lang said during a conference call with analysts. “Consumers are focused on really low value price points, and that doesn’t necessarily play to our strength.”
Yeah, either that or they’re more focused on buying food.
[Link: The Seattle Times]
by The Editors on May 21, 2009
It’s mall retail conference call day around these parts. And Zumiez will spill the details and spin the news for business ending March 31, 2009 for analysts at 3 PM PST today. To listen to the webcast click here and go to http://ir.zumiez.com. [click to continue…]
by The Editors on May 21, 2009
Surfer, Skateboarder, and Snowboarder magazines’ parent company Source Interlink’s plans to reorganize under Chapter 11 bankruptcy have run afoul of the IRS according to a story on Foliomag.com.
