Wall Street

John Vance Is Surftech’s New CEO

by The Editors on May 9, 2016

68a58057-ae4e-4b62-9f53-a21b0732477fToday (May 9, 2016) marks John Vance’s first official day in his new role as CEO of Surftech.

“John has all the leadership elements we were looking for and we know his amazing retail relationships will benefit all. He has a long successful history and deep understanding of the industry and the challenges it faces today and is uniquely qualified to help guide Surftech, NSP and BARK brands to the highest levels in design, innovation, technology and customer satisfaction.” Trent Pedersen, Chairman of Surftech’s Board of Directors.

The industry titan was most recently at Freewaters and has done time at Sanuk and Quiksilver. For the official word from Surftech, please follow the jump.
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Stance Closes $30 Million Series D

by The Editors on May 2, 2016

stance_logo_t286Stance has loaded up on a little more capital thanks to a $30 million series D round, according to a story in the Orange County Business Journal.

The round was lead by Salt Lake City’s Mercato Partners and included returning investors like August Capital, Kleiner Perkins Caufield Byers, Menlo Ventures, Shasta Ventures, and Sherpa Capital.

The financing will enable the socks and underwear manufacturer “to continue its rapid growth and expansion into strategic, direct-to-consumer initiatives,” according to Mercato. . . “A massive market and growth opportunity lies in front of the company as they continue to aggressively attack new products, categories, and sales channels,” Greg Warnock, the investment firm’s managing director and a member of Stance’s board of directors.

And that’s how you sock it away.

[Link: OCBJ]

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IASC Announces 2016 Hall of Fame Inductees

by The Editors on April 27, 2016

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The International Association of Skateboard Companies are inducting a whole slew of skateboarding greats at their seventh annual International Skateboarding Hall of Fame awards show to be held May 13, 2016 at the City National Grove of Anaheim. Those being celebrated include:

Skip Frye, Ty Page, Steve Alba, Eddie Elguera, Tommy Guerrero, Ed Templeton, Ellen Berryman, Cindy Whitehead, and Jen O’Brien. This year’s Icon Award recipients are pioneering skateboard company Powell-Peralta, photographer/writer/designer Mörizen “Mofo” Föche and legendary hardcore punk band Suicidal Tendencies.

Sounds a little bit like a part you shouldn’t miss. For the official word from the IASC (including the names of everyone in the hall of fame), please follow the jump.

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Vans Keeps US Open of Surfing Through 2018

by The Editors on April 21, 2016

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Vans has decided to keep their sponsorship of the annual US Open of Surfing in Huntington Beach, California running through the summer 2018 event.

“As Vans celebrates 50 ‘Off The Wall’ years of enabling creative expression, it’s important for our brand to continue to support the next generation of talented individuals through progressive platforms like the Vans US Open,” said Doug Palladini, Vans’ vice president/general manager for North America. “Vans is honored to carry on the legacy of the world-class events alongside IMG and WSL, while introducing the latest innovations in action sports, art and product design.

There really is no sponsor better suited for this cavalcade of Southern Californians. For the official word please follow the jump.
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Sport Chalet! We’re Going Out of Business

by The Editors on April 16, 2016

sport_chaletSport Chalet, SoCal moms’ favorite action sporting, big box chain store, is calling it quits after 57 years in business. But they’re not going to try and restructure like PacSun, or Quiksilver. No, they’ve turned off their online store and are shutting down each and every one of their 47 locations, according to a story in the Los Angeles Times.

The chain has 40 stores in California, mainly in the Southland, according to the website. It also operates five stores in Arizona and two in Las Vegas. The company didn’t say how many people would be losing their jobs, but as of March 30, 2014, the chain employed 1,200 full-time workers and 1,600 part-timers. . . At the Sport Chalet in downtown Los Angeles, the signs in windows of the black-and-white facade told of the chain’s fate. “Everything must go,” they stated. “All Sales are Final No Returns.”

The chain reportedly hadn’t made a profit since 2007 and was apparently $52 million in debt when it was sold in 2014 for $17 million. Blame Target and those dastardly online discounters.

Surprisingly, if you’re looking for cheap camping gear for a summer road trip, you should definitely look elsewhere. There are no deals at Sport Chalet. According to one store employee, “The liquidation company came in and took over the pricing,” he said. “We have no control over anything” Meaning, most everything in the store is now more expensive than it was before the closing announcement.

[Link: LA Times]

 

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IASC Skateboard Summit Early Bird Ends Soon

by The Editors on April 15, 2016

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The 2016 IASC Skateboarding Summit is less than one month away and early bird registration ends Monday, April 18, 2016

Next week we will be announcing this years keynote along with the rest of the program and it is shaping up to be one of the best Summits yet! So don’t miss your chance to attend the best educational, networking and inspirational event in skateboarding. The 9th Annual IASC Skateboarding Summit will be focused on the looking at the current lackluster state of the skateboard industry and finding ways to collectively push the industry forward. . . All Summit attendees are guaranteed entrance to the IASC Skateboarding Hall of Fame Induction and Icon Awards Ceremony presented by Vans on May 13th, 2016 from 6:00 – 11:00 pm at the City National Grove of Anaheim. As the SHOF has outgrown the ballroom ceremonies of the past four years this beautiful venue gives us a chance to really shine. It’s going to be an amazing night with some surprise special guests, music, art and more.

For additional ticket info click the link: https://2016-shof.eventbrite.com

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PacSun Files For Bankruptcy Protection

by The Editors on April 9, 2016

pacsun_logo-tm.jpgAfter nearly a decade of losing money Pacific Sunwear of California has finally filed for bankruptcy protection according to a story on Reuters.com.

Citing “significant and unusual trading,” lawyers for the retailer asked a judge to restrict trading on Thursday due to concerns that a significant change in ownership could impair its ability to use tax benefits on operating losses down the road. . . Founded in 1982 as a surf shop, PacSun has posted an annual net loss since the financial crisis hit in 2008.

In what has become standard practice, the company is hoping to hand off all its debt then go private with Golden Gate Capital where the new owners can run the whole game over again in a portfolio that includes Eddie Bauer, California Pizza Kitchen, Red Lobster, and J.Jill.

For a more informed discussion of the topic click here for Jeff Harbaugh’s take.

[Link: Reuters]

 

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PowderJet DiY Class Hits Portland

by The Editors on March 23, 2016

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PowderJet is rolling to Portland, Oregon for what they’re calling “a hot weekend of snowboard shaping” and they’d like to help you build yer own snowboard, April 23-24, 2016.

The class costs $795 and you walk away with your own, hand-shaped PowderJet snowboard. If you’re down, then you need to sign up by Friday March 25, 2016 because classes fill up fast. For more info (and to sign up) please click the link.

[Link: PowderJet Snowboards]

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Burton Cuts About 40 Employees

by The Editors on March 17, 2016

burton_logo-tm.jpgIn what could be called the “Day before St. Paddy’s Day Massacre” the Burton Corporation reportedly cut 4 percent of their 900 member global workforce on Wednesday, March 16, 2016 according to a story on Yobeat.com.

Burton President John Lacy framed it this way in a memo to the company’s remaining employees:

What that really means is that we had to let some good people go. Friends and colleagues were affected in every area of our business, and in multiple regions, and it isn’t easy to say goodbye. We’ve now talked directly with everyone affected by these changes, and our HR team is working with each of them to provide full service support during this transition. These decisions are not easy nor are they taken lightly. Please know we will be doing everything we can to help ensure these individuals have the tools and backing they need to take on this next chapter.

According to the post cuts include “multiple key sales roles, such as sales director for Anon/Analog, the women’s brand manager and some product developers.” We also hear the Burton LA store will be closing soon and the NYC store will move to a more economical location. For the entire letter from the president, please click the link to Yobeat.

[Link: Yobeat]

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Eric Crane & Crew Unplug Electric

by The Editors on March 17, 2016

electric.pngKering, the monstrous French fashion company that still owns Volcom, announced yesterday (March 16, 2016) that they have unloaded the Electric brand to CEO Eric Crane and his management team.

The transaction, which is effective today, includes all the assets of Electric and the rights attached to the brand. . . Electric, a Californian premium sports and lifestyle brand that sells accessories including sunglasses, goggles and watches, was acquired by Volcom in 2008.

That’s probably the best route to freedom for everyone involved. For the official, though vague, word from Kering, please follow the jump. If you pay for the executive edition of that shopping eating blog, you can get a little more info from Mr. Crane, via Tiffany right here. Or get an even better version for free at Tea-Dub Business.

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