November 30, 2017
The iconic CA-based inner city retailer listed $50-100 million in assets and liabilities in its Chapter 11 petition and indicated that it expected to emerge from bankruptcy a leaner organization as it closes 31 of its 124 stores with those liquidations scheduled to begin immediately and be completed by the end of Jan.
The action sports chain reported net income rose 11% to $11,922,000 from $10,695,000 for the three months ended Oct. 28 as sales improved 11% to $245,756,000 from $221,391,000 with the aid of a 7.9% comp store increase in the period and the addition of six more stores globally.
Vista said the outcome of newly appointed CEO Chris Metz’ 100-day review of the company’s strategy will likely include more divestitures of smaller brands, in a presentation at the BofAML Leveraged Finance Conference.
The CO-based bike maker filed for Chapter 11 protection with a plan in place to sell the company to Columbia Basin Partners, a local investment group.
Net income was $3,215,000 against a loss of $5,165,000 in the third quarter ended Oct. 28 on a 3% sales increase to $198,838,000 from $193,959,000 driven by an 8% increase in the core Perry Ellis, Golf, Nike and Original Penguin brands.