March 20, 2017
Net income at the Chinese footwear and apparel brand dropped 15% to RMB527,850,000 ($79.4 million) from RMB622,602,000 last year on revenues that inched 2% higher to RMB5,396,615,000 ($812.3 million) vs. RMB5,295,117,000.
Citing the possibility that an affiliate of Hilco may submit a stalking horse bid for Gander, the U.S. Trustee in the case filed an objection with the court asking that Hilco not be approved as the advisor to Gander in disposing of the 32 leases for the stores that it is planning to close.
The Freeport, ME-based retailer said sales were about $1.6 million in 2016, flat for the second year running, and will pay out 3% bonuses to its employees.
The ratings service changed Vista’s outlook to negative from stable, citing the company’s weak operating performance and deteriorating credit metrics.
Joey Pointer, currently CFO of the running specialty chain and franchisor, will take over as president and CEO on an interim basis, succeeding the departing Jeff Phillips.
The latest target of the Big a’s legal department is Juicy Couture, which makes several designs featuring confusingly similar imitations of adidas’ Three-Stripe Mark, according to a lawsuit filed in U.S. District Court in Oregon.