Search: active bankruptcy

Montgomery Nabs Active Bankruptcy Details

by The Editors on March 24, 2009

ActivewhseintTiffany Montgomery has been all over the Active bankruptcy coverage on Shop-eat-surf.com. Today, she drove to the Federal Courthouse in Riverside and picked up a copy of the bankruptcy filings and is kicking down all the details.

Also of note is the list of Active’s 20 largest unsecured creditors, which reads like a Who’s Who of action sports brands. Active owes a total of $8.8 million to its 20 largest unsecured creditors. . . .Interestingly, only one brand is on the list of secured creditors – the Burton Corporation. Secured creditors get payment priority in a bankruptcy.

Montgomery also notes that Active is cutting their contracts with the following team members: “Andrew Reynolds, Kenny Anderson, Billy Marks, Erik Ellington, Daewong Song and Jim Greco.

Looks like P-Rod and some others have escaped the axe of the time being. For more details (including the list of creditors with amounts owed) follow the jump.

[Link: Shop-eat-surf.com]

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Active Sports Inc. Picks Up Sierra Snowboard

by The Editors on September 29, 2010

Sierra SnowboardIf 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]

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Florida Investors Pay $5.2 Million For Active

by The Editors on June 17, 2009

ActiveA group of Florida investors have purchased Active Ride Shop out of bankruptcy for $5.2 million, according to a story in the Press Enterprise.

A limited liability company called Active Sports Lifestyles USA emerged as the winner among five bidders in a Tuesday auction ordered by the U.S. Bankruptcy Court in Riverside. Attorney Marc Winthrop, who conducted the auction, said the buyers plan to keep all of Active’s operations intact, including its Mira Loma headquarters and warehouse, as well as its 21 Southern California stores.

Zumiez, who had expressed interest in the retail chain, was not even among the final bidders. “The sale is expected to be completed by the end of the month, Winthrop said.”

[Link: Press Enterprise]

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Active Parties Right On Through

by The Editors on April 7, 2009

Shane Wallace and the crew at Active Ride Shop aren’t going to let a little bankruptcy dampen their 20th anniversary celebrations one bit. They kicked it off with four parties in four counties, according to a post on their blog Active News.

Things kicked off at the Cantina Lounge in Fullerton. Then a gathering at Omaha Jack’s in Rancho. The amazing Fai Do Do LA played host for the LA stop and we finished big with the ever popular Bondi Bar in downtown San Diego! Thanks to the Antics/Toyota Matrix crew for throwing down the hefty bar tab, RED BULL for all the RED BULL VODKA, and all of the bars for showing love!The tour featured the musical talents of Hen Heart and our main man Wes Rogers. The boys brought the girls out to shake their booties on the floor and Wes broke a few hearts.

Congrats, Active. Way to party on through.

[Link: Active News]

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Active Shut Out At The Ball Park

by The Editors on March 23, 2009

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The Active Ride Shop in San Diego’s Gaslamp district is now shuttered and closed. Sad, when we remember that the grand opening party was only six months ago. We’re hoping Active won’t have to close more than 10 shops, but we’re glad they are doing what they need to do (which apparently includes filing for bankruptcy according to a press release posted on Transworld Business) to stay in business.

Follow the jump for the surviving locations.
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At The Top Of The Action News List Tonight

by The Editors on March 24, 2022

This was going to be the Ides of March news listers. Then the Holi lister, now it’s just the late-in-March list of news stories that caught our eye and might be of interest to you. That’s all. No snide asides, no out-of-context comments, no misinformed snark, and no 200 word headlines. Just links to stories that are at the top of the news tonight.

Follow the jump for all the stories.

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Shane Wallace Is OK–You’re OK

by The Editors on April 29, 2010

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On Saturday, April 24, 2010, Shane Wallace invited a few people to Rancho Cucamonga, California for the soft-launch opening of OK Skate’s first retail showroom. It was a chance to show everyone what he and the OK Skate crew have been working on for the past six months.

Located on a frontage street near Interstate 15 just North of Interstate 10, the warehouse/ office/ showroom combo is in that strange zone between the Eastern edge of Los Angeles sprawl and the Western front of the Inland Empire. The business park that houses OK Skate is a few blocks from the nearest retail center, but signs on the upstairs windows are visible from the southbound lanes of the freeway. Commuters who continue further south can’t help but notice the large Active Ride Shop warehouse on the opposite side of the 15. The location is likely no accident, though Shane says it was chosen based on “area demographics.”

OK Skate marks Wallace’s return to retail after the Active Ride Shop bankruptcy and subsequent sale pulled the rug out from under much of the industry last March. Between greeting friends at the door, putting final tweaks on the POS system, and watching kids skate the showroom’s mini ramp, Shane had time to sneak upstairs to his office above the shop for a short interview to discuss what OK Skate is, how it came about, and what they have planned for the future.

Follow the jump for photos and the entire interview.

[Editors’ Note April 30, 2010: After reading the interview for the first time online, Shane had a few things to add. We have placed those comments at the end of the interview.]
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