January 11, 2018
As many suspected all along, Kering was unable to find a buyer for its revived sports brand at current valuations and will distribute about 70% of Puma’s outstanding shares to its shareholders, retaining a 16% stake for itself.
The bankrupt retailer filed a motion to extend until Mar. 18 the exclusive period which prevents any outside party from interfering with its winding down of operations.
As WWW disclosed on a recent earnings call, its Rockford, MI tannery that has since shut down was found to have released two hazardous chemicals into the local water supply and the state is asking a court to rule that the company is responsible for the cleanup, implementing a public outreach program and paying the state for its costs to investigate and prosecute the matter.
Wayne Eddy, the long-time distributor of the Garmont tactical line in the U.S., has acquired the 25% interest of the parent company that was held by a local Montebelluna bank, Veneto Sviluppo, which helped finance a 2014 relaunch of the brand by majority owner Piero Bressan.
VF has collaborated with NC State’s
The gifts approved by the retailer’s board range from $5,000 to $412,000 and were dispersed to 70 outdoor-focused organizations for conservation, outdoor recreation, health, education and the arts.