News briefs - Corporate and M&A – Page 56
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News briefs
Maynards to auction two Adidas pilot production facilities
Maynards Europe, the global liquidation and auction specialist, working in conjunction with U.S.-based Heritage Global Partners, are to sell the entire manufacturing equipment of two unique production lines established by Adidas. The facilities were previously a part of a pilot flexible-design manufacturing project, called Speedfactory, for small runs of custom-designed ...
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News briefs
UA and others commit to pay suppliers for certain cancelled orders
Under Armour has committed to the PayUp campaign, an initiative that urges fashion brands to pay their garment factories for orders that are both completed and in production, and yet cancelled or delayed because of the coronavirus pandemic. The campaign was launched by Remake, a workers’ rights organization, at the ...
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News briefs
Asics invests in Seevix Material Sciences
Asics Ventures, an investment subsidiary of Asics, has taken a stake in Seevix Material Sciences, an Israeli start-up that develops and produces synthetic spider silk. Seevix was established in 2014. The company manufactures a patented man-made spider silk, called SVX, backed by more than ten years of research at the ...
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News briefs
VF Corp. looks at virtual reality
VF Corp. is exploring virtual reality as part of its strong investments intending to become “hyperdigital.” Cemtrex has announced that it has received an order from VF to create a virtual reality (VR) application. The VR application, which is due to be delivered within the current quarter, aims to create ...
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News briefs
Under Armour’s lending covenants are relaxed
Under Armour has obtained a revision to its credit agreement with JP Morgan Chase that reduces it required debt/Ebitda ratio but forces it to maintain a minimum liquidity of $450 million through the end of 2021. Also, the aggregate revolving credit facility has been cut from $1.25 billion to $1.10 ...
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News briefs
Mavic is up for sale again
Mavic, the French-based producer of bike components, is again up for sale, according to sportguide.com. Candidates to the takeover have been given until June 2 to express their interest in the company, which was divested by Amer Sports in mid-2019. Mavic was placed in receivership at a French court in ...
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News briefs
Li & Fung is going private
Li & Fung will be delisted from the Hong Kong Stock Exchange after Friday, May 15. The Chinese sourcing giant has been trading there publicly since 1973. Shareholder endorsed a proposal to allow the founding family to take the company private, with only 2.85 percent of the votes cast against ...
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News briefs
Colnago has a new owner
Colnago has been sold to Chimera Investments, an investment fund registered in Abu Dhabi, which has acquired a majority share in the Italian bike company. The iconic brand was founded in 1954 by Ernesto Colnago in Cambiago, near Milan, where the company is still headquartered. While the strategic direction is ...
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News briefs
JD’s takeover of Footasylum is blocked
After a more in-depth review of JD Sports Fashion’s acquisition last year of the Footasylum chain in the U.K., Britain’s Competition and Markets Authority (CMA) announced on May 6 its decision to block it, arguing that it would lead to a “substantial lessening of competition nationally,” with higher prices and ...
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News briefs
Clarus cancels SKB’s takeover, replaces dividend with shares
Clarus Corp., the American holding company of Black Diamond Equipment and other operations, said it has cancelled its planned acquisition of an American case maker, SKB, by mutual agreement with the sellers as a result of the uncertainties created by the coronavirus pandemic. Clarus would have had to pay $85 ...
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News briefs
Dakine closes its head office
Citing the “significant pressure and the financial and operational impacts” caused by the Covid-19 pandemic on Dakine’s business, Marquee Brands said it has decided to close down its Hood River headquarters in Oregon and to move its remaining operations to the office of JR286 in Torrence, California. The move will ...
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News briefs
XXL slims down its staff
XXL announced on May 5 that it has decided to initiate a process to reduce the workforce at its headquarters in Norway by around 25, about 20 percent of the employees. Formal procedures for potential dismissals are about to be launched in Sweden and Finland. The Nordic sporting goods retailer’s ...
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News briefs
Callaway issues convertible notes
(Updated) Callaway Golf Co. increased its planned private offering of convertible notes on April 30, adding that they will yield an annual interest of 2.75 percent. By May 4, qualified institutional investors will be able to purchase $225,000,000 worth of senior notes maturing in 2026. They may be granted an ...
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News briefs
S&P downgrades Wolverine
Standard & Poor’s downgraded its ratings for Wolverine Worldwide’s debt and unsecured notes because of the likely impact of Covid-19 on its results. While the digital channel now represents about 30 percent of the group’s revenues, S&P forecasts that orders placed by its wholesale clients could drop by as much ...
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News briefs
Iconix sells Umbro China for $62.5m
The Iconix Brand Group has agreed to sell its equity in Umbro China to HK Qiaodan Investment, generating cash of $62.5 million in the transaction, which is expected to close on or before Sept. 15. Umbro China is currently owned by a subsidiary of Iconix in Luxembourg. The deal covers ...
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News briefs
Lenzing and Palmers will make 25 million masks per month
Joining forces, Lenzing and Palmers Textil, an Austrian producer of lingerie, have set up Hygiene Austria, a company for the production of high-quality protective masks for the domestic (Austrian) and European markets. After investments of several millions of euros in a modern factory at Wiener Neudorf, the production and sale ...
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News briefsProducer of Indigo and Bogner skis files for bankruptcy
Schwabe & Baer Entwicklungsgesellschaft, which manufactures high-quality skis and ski equipment under the brand name Indigo, among others, filed for insolvency at the Munich district court on April 14. Under the supervision of the restructuring expert Rolf Pohlmann, the provisional insolvency administrator, operations will continue and the company will be ...
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News briefsTenson acquires WearColour and Void Cycling
As reported earlier, WearColour, a Swedish brand of anoraks, ski jackets and pants with distinctive color blocking that also owns the Void Cycling trademark, filed for bankruptcy on Feb. 11 at its own request with the Gothenburg District Court. Now Swedish media report that Tenson, one of the iconic Scandinavian ...
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News briefs
JD suspends dividends
To save cash, JD Sports Fashion is suspending its annual dividend as all its stores in the U.K., the rest of Europe and the U.S. are now closed because of the coronavirus crisis. The U.K.-based retailer’s executive chairman, Peter Cowgill, is taking a pay cut of 75 percent, while members ...
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News briefs
Pure Fishing gets lower rating
Moody’s has downgraded Pure Fishing, the company previously owned by the former Jarden Corp. that groups together fishing tackle brands like Abu Garcia, Berkley and Shakespeare. The company’s debt reached 9 times Ebitda last year, after running into a negative cash position following a 6 percent decline in its revenues. ...
