February 12, 2018
Net income was €2.2 million ($2.7 mm) for the final quarter ended Dec. 31 against a loss of €4.6 million in a seasonally small quarter as sales improved 9% to €1,040.2 million ($1,274.7 mm) compared to €958.2 million prior.
Starboard Value LP, which owns about 4% of NWL shares, along with other investment funds are backing a full slate of 10 nominees to replace Newell’s board of directors, accusing the company of mismanagement following the acquisition of Jarden.
In a sign that the federal government case involving payoffs to athletes and families is starting to unravel, the U.S. attorney moved Friday to drop charges against Jonathan Augustine, the AAU coach who was alleged to have taken cash from Adidas that was supposedly to support his team but was actually funneled to the family of a key recruit at the University of Louisville.
As extensions on its lending covenants have been expiring, Remington has reached an agreement with its key lenders that will essentially swap debt for equity while paying off unsecured and priority creditors in full and will also provide additional financing for the company as it enters and exits Chapter 11 proceedings.
Net income at the multi-banner Japanese retailer increased 72% to ¥5,648 million ($50.0 mm) from ¥3,292 million for the nine months ended Dec. 31 on 5% higher revenues at ¥176,614 million ($1,564.3 mm) from ¥168,456 million.
ICON is exchanging $110 million of its 1.5% convertible notes due in Mar. 2018 for $125 million of 5.75% convertible notes that come due in 2023.
LVMH Luxury Ventures, the investment arm of the multinational conglomerate, took an unspecified stake in the New York sneaker reseller.
Total revenue slipped 1.8% to $737,130,000 to start out 2018, while sales at its Pou Sheng retail subsidiary tumbled 8.4% to $255,322,000.