“PacSun’s stock has collapsed, being down roughly 90% from its 2015 high, and its status as a penny stock has it under a delisting notice. Sadly, Pacific Sunwear’s financial condition has many of the hallmarks of an approaching bankruptcy.” – John Ogg/247 Wall Street
“The Englewood, Colo.-based chain — owned by Los Angeles-based private equity firm Leonard Green & Partners — filed for bankruptcy Wednesday, citing $1.1 billion in debt and saying that its sales had slumped after it failed to keep up with consumer trends. Nearly one-third of the retailer’s locations will begin liquidation sales within days. The list includes 25 stores in Texas, 19 in California, 18 in Florida and 11 in Illinois.” – USA Today
“In the action sports space, Burton is owed $3.9 million, K2 $2.5 million and Rip Curl $2.5 million, according to court documents. Large athletic brands are owed the most money, however. According to the court documents, Sports Authority owes Nike $47.9 million, Asics $23.3 million, and Under Armour $23.2 million.” – Tiffany Montgomery
Update: “The Court has authorized, on an interim basis, Quiksilver immediate access to $115 million of the $175 million.” – Yahoo Finance / October 20, 2015
Quiksilver CEO Andy Mooney Leaves Comppany; Pierre Agnes Named CEO
“The board has great confidence in Pierre’s ability and skills to lead our company. His primary focus will be on improving operational execution and efficiencies, and identifying growth opportunities, especially in the U.S. wholesale channel.” – Transworld Business March 27, 2015
“The team is now focused on bringing this level of execution to the Americas. I want to emphasize that the new team’s view is that we strongly believe that we can turn the North Americas market around, into a profitable business in the next fiscal year.” – Pierre Agnes / June 9, 2015
“We look forward to emerging from the Chapter 11 process, a stronger company better positioned to prosper into the future.” – Pierre Agnes / October 19, 2015
“American Apparel and RadioShack join numerous peers that have succumbed to intense retail competition. Some analysts say that the United States simply has too many brands — and too many brick-and-mortar stores — chasing consumer spending that is growing sluggishly at best.” – New York Times
“…the fact that brands such as Quiksilver are ubiquitous, sold in department stores and in mall-based stores, is a problem in maintaining its cool factor with the kids.
But more important may be a perception of surf wear, which was once identified with a rebel culture — a brand providing authenticity and an experience, rather than just pushing product.” – The Street
“Quiksilver Inc., the bankrupt California clothing designer, considered putting “pop-up” outlets inside shops abandoned in the collapse of RadioShack Corp.” – Oregon Live
OLYMPUS DIGITAL CAMERA
They both just went bankrupt this week!
“SBC Media closes their doors; Shuts down Snowboard Canada, SBC Skateboard Magazine, & SBC Skier among other publications.” – Transworld Business
Another one bites the dust. This times it’s San Clemente sandal company Ocean Minded who have officially closed it’s doors.
A great meaning behind the brand, but with a not so great logo.
Ocean Minded former surfing team
“…you were a Kodak moment once and by God you’ll be one again only this time it’s digital!” (video created in 2006 was shared at internal employee meetings and events with shareholders and investors)
Eventually competition started using the digital technology. The photographic film sales started going down and declining and the company stopped earning a profit in 2007 and had to file bankruptcy.
“In the meantime, the other former Source Interlink Co. operation, TEN, publishes niche magazines, such as car titles that include Hot Rod, Motor Trend and Truckin (and Surfer, Surfing)’. But things are looking gloomy on the editorial front, too.” – Jamie Mason
Kamen, for one, believes TEN will end up having to sell these publications. “I don’t see anything good on the horizon for [TEN],” he asserted. “Their future is pretty much doomed.” – Kevin Kamen (CEO of print media brokerage firm Kamen & Co. Group)
“Source Interlink Distribution — will be closing its doors.” – New York Post
“We are losing some great magazines, and more importantly thousands of our own are going to be standing in the unemployment line.” – Media Shepherd
