We’d like to interrupt the squabbling regarding the Round 3 Heat 7 match up between Gabriel Medina and Tanner Gudauskas at the Hurley Pro that has been boiling nearly nonstop for days now to make an announcement: the surfers, the judges, and the events are the exclusive property of a privately owned entertainment company specializing in event and online streaming whose primary focus is making money for the company’s owners. Everything else is just a ruse. Now, back to your squabbles.
Snowboarder Scotty Lago (winner of an Olympic Bronze medal) reportedly “loaned” Keir Dillon $50,000 back in 2011 (the year Dillon and crew founded the Frends brand). Now he wants it back, according to a story on Sea Coast Online.
Lago filed the suit in Rockingham Superior Court Aug. 9 against Keir Dillon, a resident of Carlsbad, California, and who has worked as a television host and sideline reporter for ESPN and FUEL TV. The lawsuit states Dillon and his headphone company Republic of Frends, of which Dillon is CEO, was loaned $50,000 in August 2011 by Lago with the expectation Lago be paid back the following year with 7 percent interest.
As we know from his appearance on Shark Tank, Dillion has spent far more than $50,000 chasing his Frends dreams. Hopefully they can work this out without going to court, because, you know, there is no “i” in friendship.
Newell Brands has not said what businesses it plans to exit, but some speculate it will divest winter sports brands picked up April 15, when it closed its acquisition and merger with Jarden Corp. . . “Ideally I would like to sell these assets versus simply walking away from them,” company CEO Michael Polk told his audience Thursday. “Some of them are the kinds of businesses that would be difficult to sell and therefore, we should just shut down because they create no value for you and they are a distraction for us.”
Hmmm, companies that “create no value” and are “a distraction?” Wonder which “winter sports brands” people are speculating about? Could it be K2 Sports? Guess we’ll all have to wait and see.
Damn. Kyle Wester certainly goes fast on his skateboard.
On August 29th, 2016, Kyle Wester set out to break the Guinness Fastest Skateboard Speed Downhill record. The previous record was held at 81.17mph/130.63 kph. With the hill conditions just right, Kyle switched out his wheels one last time before making history. . . Kyle Wester uses Santa Cruz Skateboards, Road Rider 73mm Shred Mags wheels, Bronson Speed Co. G3 bearings and Mob Super Course Griptape.
But we’re guessing you’ll need a little more than his equipment to break this record any time soon.
It appears that PacSun will live to sell another Volcom T-shirt after a court ruling approved its reorganization plan, according to a story in the Orange County Register.
Under the reorganization plan approved Tuesday by U.S. Bankruptcy Judge Laurie Selber Silverstein in Delaware, PacSun will give all its stock to affiliates of private equity firm Golden Gate Capital, its senior lender. . . In exchange, Golden Gate will reduce the amount it’s owed by PacSun to about $30 million initially from $88 million, Gary Schoenfeld, the retailer’s chief executive officer, said in an interview. Golden Gate has also agreed to invest $20 million in the company, most likely in form of new debt, he said.
And presto, $58 million in debt is gone. Wonder how long it will take Mr. Schoenfeld to blow through this new $20 million? We’re guessing not long. PacSun may have worked wonders on their business, but we doubt any of that is going to bring the kids back to their mall stores (even though some research suggests teen mall traffic is actually increasing).
As part of the deal, attorneys agreed that Pappas will be sentenced to somewhere between eight and 16 years at a hearing on Nov. 7, 2016. . . While being read the plea deal, Pappas asked for a second to discuss the sentencing range with this attorneys, but then ultimately took the deal a few minutes later.
Pappas is currently being held on a $100,000 bond until sentencing.
SLVDR is proud to do some work with their old friend QSTN on a SLVDR Craftsman Guild project
QSTN (pronounced “QUESTION”) has been spinning hiphop, funk, soul and jazz breaks for over a decade. His natural progression to beat making can be attributed to collecting records from an early age. His production style is a mixture of obscure samples, heavy beats, and live orchestration. . . His music has since garnered the attention of global music sites like OkayPlayer, Giant Step Records, and Noisey by Vice. QSTN is also a part of Philadelphia based collective Hot Peas & Butta founded by Skeme Richards of the world-famous Rock Steady Crew and continues to release exclusive tracks & mixes under Mellow Orange Label.
Tommy Guerrero and Matt Hensley sit down to talk skateboarding, and we’ll just make a guess here, music? Flogging Molly maybe? There are probably no two people in the world who could discuss these topic betters. Seriously. And this is only part 1.
Christopher Romero, 26, a manager at the Zumiez store in Atlantic City, New Jersey’s The Walk mall, was shot and killed by an acquaintance in his store Thursday, September 1, 2016, according to a story in the Press of Atlantic City.
The Atlantic County Prosecutor’s Office said Lewis Maisonet, 55, of Somers Point, fatally shot Christopher Romero, 26, of Absecon, at the store where Romero worked and later shot himself at White House Black Market, officials said. . . . “This was an unfortunate domestic violence … two individuals were involved … I think since this is an active investigation it would be inappropriate for me to release any additional information,” Guardian said.
The shooter has reportedly survived his self-inflicted gunshot wound. Our thoughts are with Romero’s friends and family.
SurfStitch the Australian online surf retailer who was formerly owned (partially) by Billabong (and then took over Billabong’s North American online business including Swell.com) had a pretty rough go in fiscal 2016. According to a story on the Orange County Business Journal, the company (which went public in 2014) lost $116.4 million on $176.9 million in revenue for 2016.
The loss accounts for “strategic review adjustments,” including impairment, administrative, selling and distribution expenses. Its revenue total includes $157.5 million in retail revenue, $16.82 million from Surf Hardware, and $2.55 million from its media properties (Stab Magazine and Magicseaweed.com).
They were reportedly planning on “rebranding” the entire business under the Swell.com name, but things at Swell.com didn’t go much better in 2016 so they’re going to put those changes off for a bit.
Swell in Irvine, which will shrink to 14 employees after 65% staff reduction is complete in October, contributed $18.92 million to retail total. That’s down 12 % from $21.6 million the brand posted in fiscal 2015. Swell’s gross earnings were down 44% to $5.4 million.
Apparently, the kids just aren’t blowing all their money on expensive, branded, logo’d surf togs anymore. What a surprise.
Oh, and if you know anyone who wants to buy San Diego, California’s Surf Hardware International(parent company of FCS Fins), please let SurfStitch know. They bought the company in November 2015 for $16.6 million, but have now decided that it’s not such a good fit.