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]
by The Editors on June 6, 2009
Nothing is more important these days that protection from the sun. And what says sun protection more than ShredorDie.com co- owner Will Ferrell. Cancer For College a scholarship fund that provides money for cancer survivors going to college has announced an entirely new line of Will Ferrell’s Sunscreen Products.
Are you Sexy? Are You Hot? Then who wouldn’t want a sexy, hot tan? This sunscreen is made with our very own streaking strength formula plus one. . . All of our sunscreen products come in 6 oz bottles and are 30 SPF and provide UVA/UVB broad spectrum protection. 100% of the proceeds from sales go to the Cancer for College Scholarship Fund.
The bottles are $11.99 and come in three styles: Sexy Hot Tan, Forbidden Fruit, and Sun Stroke and can be purchased here.
[Link: Cancer For College via Acquire via CLDFX.com]
by The Editors on June 6, 2009
According to the stock trading blog BloggingStocks.com the number one consumer stock to sell right now is PacSun.
As such, Pacific Sunwear (NASDAQ: PSUN) lost its mojo and has yet to find its way. . . Earlier this year, shares bottomed at a price below $1 per share. Since that time, PSUN has been on fire more than tripling in value. . . And just two weeks ago, the company announced another quarterly loss and drop in same-store sales. . . I would take some money off the table here — PSUN is due for a pullback.
Other consumer stocks on Jamie Dlugosch’s list: Pier 1, Vail Resorts, and Cabelas.
[Link: Blogging Stocks]
by The Editors on June 5, 2009
Looks like even the rich are driving into a few ditches in this economy as the exclusive members-only Yellowstone Club resort gets sold in bankruptcy for $115 million dollars, a fraction of the $470 million previously offered by the buyer Boston Based CrossHarbor, according to a story on the Frequency: The Snowboarder’s Journal.
At the height of the luxury real estate boom, the 13,600-acre club in Montana’s Big Sky area north of Yellowstone National Park attracted such high-profile names as Bill Gates, Dan Quayle and cycling star Greg LeMond. To join, more than 300 members bought multimillion dollar mountain properties and submitted deposits of at least $250,000.
In a January 2009 essay on NewWest.com former ski filmmaker and Yellowstone Club founding Director of Skiing Warren Miller said the reason the club has not yet reached it’s ultimate goals is because of a few high profile divorces among the club’s 320 members.
And then a contentious divorce by the founders of the Club, the Blixseths, has temporarily delayed the fulfillment of the dream that every member has come to expect. Having one of those ugly divorces in my own background, I know that when you split your married financial nest egg in half, it takes a long time to recover.
Looks like even exclusive resorts can be ruined by love.
[Link: Associated Press via Frequency and NewWest.com]
by The Editors on June 5, 2009
After May ended up being Volcom’s worst month since December, analyst Mitch Kummetz of Robert W. Baird & Co. said he is lowering his forecast for the company, according to a story in the Orange County Business Journal.
He now forecasts Volcom to earn $9.9 million in the third quarter, below the $11.4 million Wall Street expects on average. . . The report sent Volcom shares down after a run-up that have seen them double since early March. Volcom has a market value of about $320 million.
And that sent Volcom shares down nearly 8 percent to $13.32.
[Link: Orange County Business Journal]
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.
