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
Burton’s Senior Vice President of Creative Greg Dacyshyn is experiencing the “pleasure” of announcing the company’s latest collab with designer Paul Smith. This time things are getting a little punk “which is right up Paul Smith’s alley,” according to a press release on Burton.com.
The focal point of the 2009 Fall/Winter collection is a bondage-inspired snowboarding jacket that combines fashion and function with welded pockets, taped seams, a pass pocket, gauntlet cuffs and an adjustable hood. The jacket is available in two colorways; black shiny rubber and jacquard leopard print.
A “black shiny rubber” bondage jacket? According to the release, Burton team rider Chris Sorman definitely wants “to get my hands on these pieces.” But the real shame is that David Carradine won’t be around to enjoy this one.
[Link: Burton]
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.
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by The Editors on June 9, 2009
A 30-year-old man was arrested after US Board Patrol agents caught him attempting to paddle 24 pounds of marijuana into the United States on his surfboard near Imperial Beach, California, according to a story on KTLA.com.
Agents spotted the man, identified as a Mexican national, on a surfboard approximately 200 yards off-shore paddling north of the international border in Imperial Beach early Sunday. The surfer was holding a blue duffel bag which he released into the water while he continued to paddle north, according to Border Patrol officials.
After arresting the man the bag eventually floated ashore and officers found nearly $74,700 worth of weed in the bag.
[Link: KTLA.com]
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]
by The Editors on June 8, 2009
The Smithsonian Institution’s National Museum of the American Indian in Washington DC will be hosting an exhibit on skateboarding in the Native American culture titled Ramp It Up: Skateboard Culture in Native America, according to a story on Native Times.
Ramp it Up celebrates the vibrancy, creativity, and controversy of American Indian skate culture. Skateboarding combines demanding physical exertion with design, graphic art, filmmaking, and music to produce a unique and dynamic culture. One of the most popular sports on Indian reservations, skateboarding has inspired American Indian and Native Hawaiian communities to host skateboard competitions and build skate parks to encourage their youth.
San Diego’s Pala Band, home of the Pala Skate Park, will be a co-sponsor of the opening on July 2, 2009.
Ramp It Up: Skateboard Culture in Native America, June 12, 2009–September 13, 2009, NMAI on the National Mall, Washington, DC
[Link: Native Times]
by The Editors on June 8, 2009
Sure, these Jeremy Scott designed adidas snow boots look great. According to Highsnobriety.com they are “snowboard-themed.” Guess that means you can wear them around when you’re trying to “look” like a snowboarder, but not when you’re actually being a snowboarding. The boots are apparently launching in October 2009 for $250. Seems like it would be cheaper to just wear your shred boots around. . . more authentic, too.
[Link: Highsnobriety via Hypebeast]
by The Editors on June 7, 2009
Time Magazine checks in on Stand-up Paddling and discovers that even though it is stupidly expensive, the sport is growing.
“It’s completely blown up in the past five years and every spring it just blows up even more,” says Jim Brewer, 45, a painting contractor who, in October 2008 and in spite of everyone calling him nuts, opened Blueline Stand-Up Paddle Surf in Santa Barbara, Calif., the first fully dedicated SUP shop in the country. “We thought it was phasing out, but then we realized that it’s just beginning. It’s going mainstream.” . . . Three weeks ago, for instance, while regular surf shops around the country were struggling to stay afloat, Brewer’s store sold 16 boards — which start at about $1,500 — in one day. “If I had opened a surf shop eight months ago, we would have been out of business right now, no doubt,” he says.
Seems it’s always good to be in a market where the customer has more money than. . . well, let just say, more money than they need. And leave it at that.
[Link: Time Magazine]
by The Editors on June 7, 2009
Any who grew up skating in late 70s had visions of Dogtown in their heads. While we may have drawn the Dogtown cross on a few walls in our parent’s suburban home we never took the idea as far as this crew from Idaho, according to a story in the Idaho Statesman.
In 1976, a group of Boise teens were reading the Dogtown Articles and were drawn to the energy featured in the photographs. Among them were Mike Neal, Mitch York, Mike Fortin, Ian Smith, Brian Schroeder and Bob Harper (pictured above). . . .These teens formed a team sponsored by Budget Tapes and Records and radio station KWZ. “We tagged ourselves the Budget/Z Boiz,” said Harper, now 47, who lives in the southeastern Idaho town of Preston and still has a passion for skateboarding. “We read Skateboarder Magazine and we were influenced by what was going on,” he said.
Its a nice reminder that the geography may be different, but in skateboarding the story is usually the same. For the rest from these skateboarding spudmen follow the link.
[Link: Idaho Statesman]
by The Editors on June 6, 2009
Luckily for aging pro vert dogs like Andy MacDonald, there always seem to be companies like eyewear maker VedaloHD ready to thrown down sponsorship in a market they seemingly know nothing about.
“I was surprised at how crisp and sharp everything looked the first time I tried a set of VedaloHD’s. I didn’t think a pair of sunglasses could make such a difference.”
We’re thinking the most surprising thing about this deal is the paycheck.
[Link: VedaloHD]
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.
