April 27, 2018
As the case winds its way toward confirmation, it appears that the bondholders who will be inheriting the equity as part of the reorganization are pursuing former owner Cerberus with the establishment of a $5 million litigation trust, and there is considerable speculation that the bondholders will look to sell off part of the company if the plan is ever confirmed.
Net income increased 8% to SEK 220 million ($27 mm) from SEK 203 million in the first quarter on 6% higher sales to SEK 1,611 million ($199 mm) from SEK 1,526 million.
Luxottica’s North American sales including Oakley declined 13% to €1,197 million, but were flat constant currency, pulled down by the strengthening euro against the dollar.
K2 claims that Vertical Brands breached its apparel licensing agreement by failing to actually make any apparel or pay any royalties.