If a California bankruptcy court gives the final okay, the Minnesota based Active Sports Inc., parent company of The House, Proboard Shop, etc. . . will end up paying $8 million for the Sacramento, California based Sierra Snowboard, its web site and inventory according to a story on Transworld Business.
According to court records, the purchase price includes all intellectual property, assets, good will, and none of the company’s liabilities. A payment plan has been outlined for the $8 million outlining financial milestones Sierra’s owners, Michael Anthony Management, Inc., must meet. According to Active, the Northern District Court of San Jose, California approved the sale, subject to certain closing conditions on September 28. . . Final court approval is still required.
Sierra’s self-reported 272,302 registered online community members must have factored heavily into what seems like a high sale price for a bankrupt retailer with only one location, especially considering the reported $12-13 million in “outstanding trade debt” that still has to be dealt with by someone. Then again, it’s only money, right?
[Link: Transworld Business]
That store pretty much ruined the margins of every snow retailer in Sacramento and beyond, heavily impacting the whole Nor Cal scene. Nice to drive by I-80 and see that building sit empty.
oh hell ya,
rot horrash, hope you lose it all, and daddy has to rescue you
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