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 15, 2009
Looks like all the boys are going to be out pushing their product for this one. June 27, 2009 looks a little like this at the new CCS store at 1416 3rd St., Santa Monica, CA:
From 12:00 PM – 2:00 PM there’ll be an autograph signing from the Emerica team, and loads and loads of giveaways. . . . From 2:00 PM – 4:00 PM they’ll be an all-out CCS Skate Jam featuring a bunch of CCS Team Riders including Rick Howard, Sierra Fellers, Corey Duffel, Jerry Hsu, Heath Kirchart, Brandon Westgate, and Scott Decenzo. In addition to our favorite rippers, they’ll be pros from a bunch of other teams floating around in the mix. Don’t be afraid to work up an appetite because the Vans BBQ will be blazing up burgers and dogs that’ll be free for the taking. Swing through, skate, meet your favorite pros, come up on free stuff and visit the shop for goods like Jerry Hsu’s newest shoe, Justin Eldridge’s Jaw Breaker Deck, Leo Romero’s RVCA jeans and a boatload of other product backed by the best freakin’ riders in skateboarding!
Maybe retail will survive in the hands of the etailers. . .
[Link: CCS via The Skateboard Mag]
by The Editors on June 13, 2009
Putnams Ski and Snowboard Shop in Portsmouth, New Hampshire got plowed by an Audi SUV at 2:40 AM today when a teen driver lost control of his car and slammed into the front of the shop.
Police said it appeared the Audi SUV was traveling west on Lang Road at high speed when it failed to stop at the Lafayette Road intersection, and crashed into the ski shop at 2998 Lafayette Road. . . Portsmouth Police Lt. Rodney McQuate said the crash caused “quite extensive” damage, including damage to the building’s cement foundation.
Four teens were in the car and all four were taken to the hospital, two in serious condition. The teens were apparently celebrating their graduation from high school. SeaCoastOnline is reporting that the driver, Mercer Smith, 18, is still in the hospital and:
“. . . was arrested and charged with three felony counts of driving while intoxicated, one count of aggravated DWI and a count of DWI. Lt. Mike Schwartz said Smith was arrested at an undisclosed hospital, posted $1,000 cash bail and was instructed to notify police when he is released so an arraignment can be scheduled.
[Link: Union Leader and SeaCoastOnline]
by The Editors on June 6, 2009
According to the stock trading blog BloggingStocks.com the number one consumer stock to sell right now is PacSun.
As such, Pacific Sunwear (NASDAQ: PSUN) lost its mojo and has yet to find its way. . . Earlier this year, shares bottomed at a price below $1 per share. Since that time, PSUN has been on fire more than tripling in value. . . And just two weeks ago, the company announced another quarterly loss and drop in same-store sales. . . I would take some money off the table here — PSUN is due for a pullback.
Other consumer stocks on Jamie Dlugosch’s list: Pier 1, Vail Resorts, and Cabelas.
[Link: Blogging Stocks]
by The Editors on June 4, 2009
Same store sales at Zumiez were down 20.7 percent in May as net sales fell 9.6 percent according to a story on Reuters.
“For the month, all departments posted a decline in same-store sales,” finance chief Trevor Lang said on a pre-recorded call. . . The company, which is a retailer of action sports-related apparel, footwear, equipment and accessories, said total net sales fell 9.6 percent to about $23.5 million for the four-week period ended May 30.
Guess we haven’t reached the basement yet.
[Link: Reuters]
by The Editors on May 28, 2009
At Zumiez’s annual shareholders meeting yesterday May 27, 2009 CEO Rick Brooks took time to restate the obvious regarding the current retail business climate, according to The Seattle Times.
“This is the toughest economic environment I’ve ever worked in,” Brooks said Wednesday. . . in Everett. . . He said Zumiez has been opening fewer new stores to reflect its diminished sales outlook, though its overall strategy remains the same. The retailer sells clothing, equipment and shoes inspired by board sports. . . “We’re staying true to who we are,” he said more than once, noting the company will maintain “strong training programs” for store employees and emphasize products that can’t be found elsewhere at the mall.
The one things Brooks wouldn’t talk about was the proposed purchase of Active Ride Shop saying only that Zumiez is “very early in the due-diligence process.”
[Link: The Seattle Times]
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
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.
