All Corporate articles – Page 8
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ArticleAuthentic Brands Group emerges as ‘stalking horse’ for Rockport
Affiliates of Authentic Brands Group, ABG-Regatta LLC and ABG Intermediate Holdings, have emerged as the ‘stalking horse’ bidder for The Rockport Company, agreeing to pay $40.4 million for the bankrupt firm’s intellectual property, $5 million for its Korean subsidiary and additional, yet-to-be-determined amounts for inventory. The closing cash purchase price ...
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ArticleRockport files for bankruptcy again
Forty years after introducing DresSports, considered the first classic dress shoe with a rubber sole, The Rockport Company filed for Chapter 11 bankruptcy protection on June 15 for the second time in five years. The petition lists some $99.71 million in funded debt obligations and more than $63.1 million ...
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ArticleThe U.S. wholesale channel is Skechers’ most challenged marketplace
Currently, the U.S. wholesale market is probably the “single most challenged marketplace” for Skechers, while India is one of its most “exciting” markets. The company continues to see “robust” consumer demand in Europe, while China continues to offer “ample opportunity” to grow, explained John Vandemore, Skechers’ chief financial officer, during ...
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VF launches its largest distribution center
VF Corporation launched operations at its new distribution center in Ontario, California, employing approximately 550 people during peak periods. The new 1.2 million square foot facility is the largest and most efficient within the group’s global network of 46 distribution centers, according to VF. The facility has the capacity to ...
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New Balance invests $65m to expand factory in Maine
New Balance has announced a $65 million investment to expand its current athletic footwear manufacturing facility in Skowhegan, Maine. The expansion consists of an 11,150 square meter single-story addition to the existing five-story factory building, set for completion by the end of 2024, with around 1,900 square meters of the ...
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Coats appoints BNP Paribas as joint broker
Coats, the British manufacturer of industrial thread and footwear components, has appointed BNP Paribas as its joint corporate broker alongside Peel Hunt, its existing corporate broker, with immediate effect.
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ArticleGörtz may have found a new investor after the Wangenheims back down
The troubled Hamburg-based shoe retailer Görtz has reportedly found a new investor, potentially bringing a long period of uncertainty to an end. After an eventful year, marked by a capital injection from the German government, a sweeping reorganization effort, a pandemic-driven bankruptcy, a tentative deal with new investors and their ...
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News briefs
Asos out of fashion as shares dumped from FTSE 250
The British fast fashion retailer Asos, once valued at more than £7 billion (€8bn), has been relegated from London’s FTSE 250 index of mid-sized companies, a sign of how its performance has declined in the post-Covid pandemic recovery. Its shares were worth 333 pence each on June 1, giving it ...
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Asos reportedly received a more than £1bn takeover approach in December
The Sunday Times reported that Asos had last December received a more than £1 billion (€1.5bn) approach from Trendyol, a Turkish company backed by the Chinese online giant Alibaba. A deal would have valued the British retailer at between £10 (£11.6) and £12 (13.9) per share, valuing the company at ...
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Reno’s Swiss subsidiary also files for bankruptcy
Just weeks after Reno and its Austrian subsidiary filed for bankruptcy, the German shoe retailer’s Swiss subsidiary has followed suit at a cantonal court in Zug. The future of the company’s 65 employees and 16 branches is now uncertain. Reno’s Swiss subsidiary was caught up with the same problems ...
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Jihua 3515 inaugurates a footwear research center
Jihua 3515, a footwear manufacturer based in the city of Luohe, in China’s Henan province, inaugurated a footwear research center on May 30. Founded in 1951, Jihua 3515 specializes in safety and work footwear, sports and outdoor shoes as well as formal styles. It has an annual capacity of more ...
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ArticleAsos raises £80m by issuing shares
Asos raised about £80 million (€92.1m) of gross process by selling newly issued ordinary shares, but there is concern that the British online fashion retailer will need further cash to finance its restructuring. The shares were sold at 418.1 pence (€4.81) each. The proceeds will support the company’s Driving Change ...
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ArticleUnbound puts itself up for sale as funding crisis continues
Unbound, the owner of Hotter Shoes, is putting itself up for sale as the beleaguered British retailer started another restructuring of its operations amid an ongoing funding crisis. The firm said that it was facing constraints after failing to secure fresh cash in light of weaker-than-expected first-quarter trading. It expects ...
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Asos may have to focus on cash preservation
Asos may have to focus on preserving its cash this year rather than investing to bolster growth, according to the U.S. bank Citi. It believes that the British online fashion retailer could suspend most of its capital expenditure in automation while continuing to rationalize its inventory position and controling ...
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Pou Chen lays off over 5,700 workers in Vietnam
Taiwan-based Pou Chen Corporation, parent company of Yue Yuen and supplier to major Western sporting goods firms such as Nike, Adidas and Reebok, announced further layoffs of more than 5,700 workers at Pouyuen Vietnam Co. in Ho Chi Minh City between June 24 and July 8, according to media reports. ...
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Sneaker re-selling platform WeTheNew launches a €20m funding round
French-based limited-edition sneaker re-selling platform WeTheNew has announced a €20 million capital funding round. The Series B funding round was led by C4 Ventures, along with Singular, the company’s historical investor and the investment arm of Chalhoub Group, Chalhoub Ventures & Acquisitions. Also supporting the venture is French national team ...
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ArticleHotter Shoes’ parent in trouble as Marwyn drops £10m investment plan
Hotter Shoes’ owner Unbound Group has called in a turnaround specialist after a £10 million (€15m) funding deal collapsed amid a continuing deterioration in trading conditions. Last month, Marwyn Investment Management said it would provide the funding via an equity placing at 10.5 pence (12 euro cents) per share. However, ...
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ArticleWolverine explores options for Sperry
Wolverine Worldwide reported better-than-expected first-quarter results and said it was exploring options for its Sperry footwear and apparel brand as it works to reshape its business amid a deterioration in market trends since the start of the year, macroeconomic concerns and a cold spring selling season that has hit consumer ...
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ArticleAfter Reno, HR Group files for bankruptcy
After the German shoe retailer Reno filed for bankruptcy, its former parent company HR Group, one of the largest shoe retailers in the country, has gone down the same path. The group has applied for insolvency proceedings for nine companies - including Hamm Reno Group GmbH and Mayer Systempartner ...
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ArticleNB Renaissance takes over U-Power
NB Renaissance signed a binding agreement to buy U-Power, an Italian producer of safety footwear. No financial details were released. The investment firm will acquire all the company but Franco Uzzeni, who founded U-Power in 2006, will reinvest part of his proceeds in the footwear company and obtain a 30 ...
