January 03, 2017
The soccer uniform making part of the business, which Performance Sports Group bought from Saverio Michielli four years ago for C$7.1 million, will be sold back to him for approximately C$2.1 million, pending bankruptcy court approval.
Sumitomo, which already controls the trademark in Japan, China and S. Korea and shares the rights with Sports Direct in the U.S., will pay $137.5 million for the rights to the brand controlled by Sports Direct everywhere else.
Durga Capital and some other major investors are arguing that the retail chain is administratively insolvent and should not be permitted to reorganize under Chapter 11 because it has no realistic plan and is essentially wasting away the remaining assets in order to make some recovery for the equity holders.
Comprehensive net loss improved to ¥295 million ($2.8 million) from a loss of ¥306 million in the fiscal first quarter ended Nov. 30 on 2% higher revenues at ¥15,935 million (152.2 million) vs. ¥15,622 million.
The 16-store Western U.S. skate retailer, which filed for Chapter 11 on Dec. 16 as reported earlier, shows Vans as by far its largest trade creditor at $288,661.
The maker of TenPoint brand crossbows claims that SA Sport is infringing on eight of its patents for narrow crossbows.
Glopo is recalling about 520 Joyrider three-wheeled scooters with batch PO number of G20140423 because the front wheels can detach when riding.