October 15, 2018
The long-expected descent into bankruptcy listed estimated assets of $6.92 billion against liabilities of $11.3 billion, and although a full list of creditors has not been filed yet, a preliminary list showed Icon Health & Fitness as the retailer’s fifth largest trade creditor with a liability of $12,102,200.
The high-end cooler maker is selling 2.5 million shares, and current shareholders are selling 17.5 million shares plus a 3 million overallotment at a price of $19.00 to $21.00 per share.
He will take control of the troubled company as president and CEO and immediately face challenges from declining licensing revenues and a debt-laden balance sheet.
The online marketplace that got its start in sneakers has opened a London authentication center and headquarters as part of a $44 million funding round it recently completed.
The 50-year-old, Asheville, NC-based retailer will close its flagship store to focus on selling lower-priced outdoor gear through its Frugal Backpacker banner, the Asheville Citizen Times reported.
Adjusted sales for sporting goods/hobby/book and music stores fell for the ninth straight month, dropping 4% to $6,659 million in Sep. from $6,920 million last year, according to Commerce Dept. data.