Okay, we admit it. Watching The Endless Summer with a live narration from Bruce Brown would be pretty rad. . . and $150 VIP event visitors also get a signed Endless Summer poster by the man himself. All this is going down at the California Surf Museum in Oceanside, CA this weekend. Click the link for more info.
[Link: California Surf Festival]
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Plans for a new Chicago Billabong retail store on the city’s State Street have apparently been scrapped according to a story in Chicago Business.
Gourmet grocer Fox & Obel and trendy surf-wear retailer Billabong are dropping plans for stores in the former Carson Pirie Scott & Co. building on State Street, leaving the ambitious project with only one tenant as it approaches an opening next fall amid the bleakest retail climate in decades.
Probably not a bad idea. Are people even shopping any more?
[Link: Chicago Business]
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And now, from the Australia’s Herald Sun:
Globe International has come under renewed fire from investors, including Solomon Lew, over $57 million in related party transactions. . . . Globe investor and investment banker David Williams — who called for a board spill at the company’s annual meeting last month — has voiced concern about a series of deals involving Globe and companies linked to CEO Matt Hill and his brothers, Peter and Stephen. . . .This raises further speculation about the future of Globe, which has in the past two years sold a number of its brands in a bid to streamline the business.
[Link: Australia Herald Sun]
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The Orange County Business Journal is reporting that Quiksilver is actively looking for funding to help negotiate what it calls one of the company’s “worst downturns in clothing sales in recent memory.”
Quiksilver has hired Morgan Stanley to help it look at ways to raise money, including from existing lenders, through a stock sale or a possible private equity investment. . .The company reworked a European credit line that was due last Friday. Quiksilver is paying its lender $19 million now and deferring $71 million until March. . . Quiksilver said it expects to have about $100 million in cash and equivalents after the close of the Rossignol sale and debt payments made before the close of the company’s fiscal year that ended Friday.
Sadly, some of the recent rumors regarding the surf giant’s financial future appear to be growing legs.
[Link: Orange County Business Journal]
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Bob Spellmire, 82, was competing in the 2nd Annual Senior Surfing Olympics in Huntington Beach on Saturday November 1, 2008 when he was hit by a series of waves that knocked him to his back, according to a story in the Orange County Register.
The attempt looked hopeful as he rode the whitewash for a few seconds to shore. But when wave after wave engulfed him and took him under as he lay on his back and tried to hang onto the board, surfer Mike Downey jumped in to help pull him to safety on the sand.
Spellmire said he was okay, but “pooped” after his adventure and plans to train for next year’s event.
[Link: Orange County Register]
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Follow us on twitter and we’ll overload you with useless info, mindless babel, and occasionally a dose of some worthwhile information. Click it to follow: http://twitter.com/boardistan.
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Surf of the Dead from Chad Huff on Vimeo.
[Link via TheVansBlog]
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In its original sales announcement in August 2008, Quiksilver was reportedly unloading Rossignol to Chartreuse & Mont Blanc for EU75 million in cash and EUR25 million sellers note (or a total of EUR100 million). But that was in the days before the crash. Now the deal, which is supposed to close “in early November,” looks quite different.
. . . the parties agreed to recast the terms of the sale due to the recent challenges in the global credit markets. The revised transaction reduces the cash payment to Quiksilver upon closing from 75 million to 30 million and reduces the seller’s note from 25 million to 10 million.
So, the price former Rossignol CEO Bruno Cercley is now paying for the company is only EUR40 million. That’s a 60 percent discount after only two months. How’s that for a company for which Quiksilver originally paid $320 million?
[Link: MarketWatch]
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Citing weak sales of surf and snowboard gear in the UK, O’Neill’s exclusive UK distributor Blacks Leisure has reportedly begun talks to pull out of the deal with the surf company.
The Northampton, England-based company plans to end the O’Neill contract in January, Chief Executive Officer Neil Gillis said today in a telephone interview.
Wonder if that drop in sales had anything to do with the issues surrounding the company’s firing of Darren Spurling back in May?
[Link: Bloomberg]
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Volcom released it’s third quarter financial results yesterday and despite an economy in turmoil, the company has increased total consolidated revenues by 23 percent. Wooly is pretty happy about it.
Our solid third-quarter performance is testament to the strength of the Volcom brand and our team amid a challenging retail environment,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “Managing our business with discipline, commitment and focus is essential during these times of economic uncertainty, and we strongly believe that our current position as an industry leader and our healthy balance sheet will empower Volcom over the long term.”
We missed the conference call, but if you still want to listen to a replay just call (800) 642-1687 (domestic) or (706) 645-9291 (international) and enter reservation number 69147961. Or, click here for a full transcript of the call.
[Link: Trading Markets]
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