All Corporate articles – Page 10
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News briefsRapala plans to issue securities
Finnish fishing tackle manufacturer Rapala VMC is considering issuing up to €25 million worth of securities to strengthen its balance sheet and create financial flexibility while at the same time seeking to reduce expenses and optimize inventory levels. The company pointed out that this move will open up its financing ...
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News briefsTraffic Distribution sets up its own bicycle wholesaler branch in the UK
German bicycle wholesaler and importer Traffic GmbH (Traffic Distribution) is expanding its activities in the UK, setting up its own branch with a warehouse and office in Hastings under the name Traffic UK. Since Brexit, EU and UK companies have tried to continue doing business while avoiding additional costs ...
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News briefsInsolvent KSR Group to continue as a going concern
On Nov. 8, representatives of the creditors of the Austrian two-wheeler wholesaler and importer KSR Group GmbH, which slipped into insolvency on Sept. 6, 2023, met at the Krems District Court. Also on site: The appointed Restructuring Administrator Dr. Christoph Sauer from the law firm Riel Grohmann and the owners ...
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ArticleBleed enters provisional insolvency
In a letter to his loyal customers and in a German-language video (below), Michael Spitzbarth, owner of the sustainable outdoor brand Bleed, explains that his company, which he founded 15 years ago, has had to file for provisional insolvency despite all attempts to avoid this situation. “The sum of many ...
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ArticleNorrøna opens new headquarters in Lysaker
Norrøna, the Norwegian family-owned outdoor apparel and adventure travel company, unveiled its brand new global headquarters in Lysaker, Norway, on Nov. 8. The brand welcomed a host of international guests to the opening of the 3,000-sqm building, which includes Norrøna’s largest and most immersive store to date, a flexible, modern ...
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News briefsSigna: Benko steps down, hands over chairmanship
As the company announced on Nov. 8, 2023, Austrian real estate investor René Benko has stepped down as Chairman of the Advisory Board of Signa Holding and handed over the chairmanship to Arndt Geiwitz. The German restructuring specialist is also taking over the chairmanship of Signa’s shareholders’ committee, as reported ...
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News briefsFoundation Outdoor Group establishes European headquarters in Sweden
Foundation Outdoor Group, the global supplier of fishing rod and tackle crafting components, supplies, equipment, and instruction, has announced the establishment of European headquarters in the strategic port city of Halmstad, Sweden. The company has acquired a new 2,100-sqm facility at Muskotvagen 7, ideally positioned to facilitate international distribution and ...
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ArticleSSU: What has happened so far – and what may still come
In a joint statement, the two insolvency administrators appointed, Dr. Christian Gerloff from the Munich law firm Gerloff-Liebler Rechtsanwälte and Stefan Meyer from Ulm-based Pluta Rechtsanwalts GmbH, point out that the operational business of the two insolvent Signa Sports United (SSU) spin-offs Tennis-Point GmbH and Internetstores GmbH (alias Internetstores Group, ...
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News briefsLenzing cuts 500 jobs
Lenzing plans to reduce global personnel costs by up to €30 million, or the equivalent of around 500 full-time jobs, by not filling positions that fall vacant due to retirements and natural attrition, as well as by job cuts. The move is part of a larger plan to achieve €100 ...
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News briefsSSU files for insolvency
Sports e-commerce company Signa Sports United (SSU), controlled by Austrian investor René Benko’s Signa Holding, has filed for insolvency. The Bielefeld District Court, where the application was filed, appointed Munich-based lawyer Christian Gerloff as insolvency administrator. The German business newspaper Handelsblatt was the first to report the insolvency filing, which ...
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News briefsAnother activist investor targeting VF Corp
Only one week after Engaged Capital set its sights on VF Corp., a second activist investor, Los Angeles-based Legion Partners, has acquired an undisclosed stake in the company and wants it to divest brands such as Timberland, Bloomberg reported, citing sources familiar with the matter. VF just named former Nike ...
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ArticleWSF extends existing crowdinvesting campaign
In August, Austrian bicycle and e-bike contract manufacturer WSF Bicycle Technology GmbH launched a crowdinvesting campaign on crowdfunding platform Conda with a funding target of €400,000. The company, which was founded in 2020 and is based in Regau, Upper Austria, plans to use the money to increase its production from ...
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News briefsInternetstores GmbH files for insolvency
Stuttgart-based Internetstores GmbH, which includes the bike and outdoor online shops Fahrrad.de, Bikester, Campz and Addnature, filed for insolvency at the Stuttgart District Court on Monday afternoon. The company is part of Signa Sports United (SSU), the sporting goods division of the Signa Group founded by Austrian investor René Benko. ...
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ArticleWave of insolvencies at SSU seems unleashed
While Signa Sports United (SSU) offshoot Internetstores GmbH (Addnature, Bikester, Brügelmann, Campz, Fahrrad.de, Probikeshop) is said to have informed its suppliers of impending insolvency in self-administration and British affiliate WiggleCRC is believed to have done the same in its home country, German Tennis-Point GmbH has already filed for insolvency on ...
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News briefsJohnson Outdoors to focus on Jetboil brand in camping segment
Johnson Outdoors Inc., the US outdoor recreation equipment and technology provider, announced that it is exiting its Eureka product lines. The product lines will be available for sale as it winds down operations and plans on fulfilling all customer requirements through the end of 2024. “After careful and thoughtful consideration, ...
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ArticleVF investor pushes for turnaround plan
In a presentation, California-based activist investor Engaged Capital outlined that the parent company of Vans, The North Face (TNF), Timberland, Supreme and others is suffering from bloated overhead that is driving down shareholder value and called for a more detailed turnaround plan for VF Corp. It said that the overhead ...
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News briefsPierer Mobility AG announces change of ticker symbol
The shares of the two-wheeler giant Pierer Mobility AG (brands KTM Motorrad, Husqvarna Motorcycles, GasGas as well as Felt Bicycles, Gas Gas E-Bicycles, Husqvarna E-Bicycles, etc.) will no longer be listed on the stock exchange under the ticker symbol PMAG, but under PKTM with immediate effect. The shares of the ...
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ArticleLargest SSU shareholder cancels equity commitment
Shortly after deciding to delist from the NYSE, Signa Sports United (SSU) announced that it had received a termination notice regarding the unconditional equity commitment letter from Signa Holding GmbH, a privately held Austrian real estate and retail company and a subsidiary of the company’s largest shareholder, Munich-based Signa International ...
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News briefsREI cuts 275 retail jobs
U.S. outdoor retailer REI Co-op is cutting 275 of its 12,300 retail jobs as part of a broader plan to update its brick-and-mortar business model. The company’s employees were reportedly informed of the layoffs through a memo by REI’s VP of Stores, Mary-Farrell Tarbox, on Oct. 12. The cuts primarily ...
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ArticleVittoria opens cotton bike tire factory in Bangkok
Italian bicycle tire specialist Vittoria has opened a new factory in Thailand for the production of cotton bicycle tires. This €20 million investment will expand the Vittoria Tyres Thailand (VTT) factory site from 36,000 to 51,000 sqm in the Bangpoo industrial area, near VTT’s current headquarters. The 10,000 sqm facility ...
