On December 10, 2008 Blacks Leisure announced they were giving the UK distribution rights to O’Neill back to O’Neill Europe and later mentioned they would find a buyer for their 57 Freespirit and O’Neill boardsports shops. Well, according to a story in the Blacks Leisure the company was unable to find a buyer for the stores.
“The reality is in the current market people aren’t prepared to do a sensible deal,” Neil Gillis, chief executive. . . . He said the fashion of wearing clothing inspired by skateboard and surf culture appeared to have passed. Instead of selling the division, Blacks is preparing to convert the stores to its main brands at a cost of £150,000 a store or £1.5m for the first tranche to be completed this year.
Blame it on skate and surf fashions. Nice.
[Link: Financial Times]
