Daily News Feed
Super Retail Group Acquires Macpac
The multi-banner Australian retailer is paying A$135 million ($103.8 mm) for the New Zealand-based outdoor retailer that operates 54 doors in both countries, and will combine the chain with its 15 Ray’s Outdoor stores under the Macpac banner.
The bottom line swung to a $4,396,778 profit against a loss of $634,249 last year in the final quarter boosted by 230 basis points of gross margin improvement despite flat sales at $66,993,982 against $66,950,298.
GRMN has acquired Trigentic AB, which sells embedded systems, power supply and power distribution products for the marine and RV under the EmpirBus brand.
Nemo Equipment is recalling about 15,500 Stargaze Recliner lifestyle camping chairs because the straps on the chair seats can fail.
Bass Pro Sets Severance Packages for Cabela’s Employees
In its first, and it says best, buyout offer to Cabela’s employees, Bass Pro is offering employees with 10 years of service or over 50 years old, two weeks of severance for every year plus a $40,000 bonus and a lifetime discount card and employees under 50 or with 10 or fewer years of service two weeks severance for each year plus $20,000 and a 10-year discount card.
Terms of the debt for equity swap by the company’s note holders will keep the existing asset based loan of $112 million in place with no paydown through the bankruptcy proceedings and also provide an additional $100 million in a new DIP facility from the First Lien holders and another $50 million from the Third Lien holders.
Sales jumped 24% at the Sumitomo subsidiary to ¥23.0 billion ($209.0 mm) in the fourth quarter driving operating income up 23% to ¥1.4 billion ($12.7 mm).
The 11,000-sq.-ft. facility is tasked with connecting Gore to companies in aerospace, automotive, digital health, consumer electronics, fabrics, industrial and medical with an initial project underway already to fund startup Krenzen to develop a digital bio-sensor monitoring system whose goal is to use predictive modeling to avoid injuries.
VF Has Loss in Q4 on $465 Million Tax Charge
The net loss was $90,269,000 for the fourth quarter ended Dec. 31 against income of $264,333,000 on a 20% gain in sales to $3,624,804,000 compared to $3,020,107,000; however, the quarter results adjusted for the tax impact and the contribution from the Williamson-Dickie acquisition would have been income of $0.98 per share ($392.4 mm) compared to $0.90 per share ($379.9 mm) last year excluding impairment charges of $79.6 million and restructuring charges of $55.0 million.
Play segment sales increased 7% in the final quarter to $563.3 million from $528.5 million driven by growth from Coleman, Contigo, Marmot and team sports but fishing declined. Core sales gained 5%.
The famous lifetime no questions asked guarantee, which L.L. Bean revised last week after years of abuse by a handful of customers, is now the target of a class action suit in N. IL federal court arguing that many consumers made purchases with this guarantee as a critical factor in their decision and the retailer, after extensively advertising the guarantee, cannot revise it.
Net loss improved to €3.7 million ($4.4 mm) from a loss of €10.2 million in the second half ended Dec. 31 on revenues that declined 4% to €112.4 million ($132.4 mm) from €117.5 million at the Finnish fishing equipment maker.
Specialized Bicycle Components is recalling about 6,200 Allez (Base), Allez Sport, and Allez Elite road racing bicycles because the fork can break.