May 17, 2017
Unsecured creditors negotiated language in the DIP order that preserves potential claims for fraudulent transfer and illegal dividend on two recapitalizations of Payless in 2013 and 2014 that put $350 million into the pockets of the equity holders, a claim that it believes may lead to a substantial recovery for unsecured creditors.
The Ninth Circuit in CA reversed a lower court ruling involving Neiman Marcus, holding that it is a matter for a jury to decide whether Suggested Retail Price is deceptive and further found that, at the initial stages of litigation, plaintiffs cannot be expected to know about a company’s internal pricing practices and discovery should proceed.
Alpargatas’ global revenues, from its Havaianas brand and a license with Mizuno, were down by 19% to R$807.5 million ($259.6 million), weighed down by a backdrop of low consumption and economic retraction in many countries.
Net income dropped 28% to ¥5,650 million ($51.9 million) from ¥7,870 million in the year ended Mar. 31 on a 3% revenue decline to ¥131,543 million (1,209.0 million) from ¥135,778 million attributed to the strong yen and economic stagnation in Korea.
The COLM president and COO is stepping down after a 20-year tenure at the company during which he previously served as corporate controller, treasurer and CFO.
The Big a named Alain Pourcelot new MD for Western Europe succeeding Gil Steyaert, who was just appointed to the executive board.
Multiple shareholder suits against Dick’s were filed May 17, alleging that the company and its management made materially false statements in reporting adjusted EBITDA for the final quarter and fiscal year ended Jan. 28, 2017.
Neff will join recent acquisition Lifted Research Group under Mad Engine’s new branded division headquartered in Orange County, CA.
Cabrinha is recalling about 2,900 of its kiteboard control systems because the point of connection between the lower front line with the landing line can break.