March 14, 2022
The trustee in charge of liquidating bankrupt Modell’s Sporting Goods filed suit in NJ federal bankruptcy court against former CEO Mitch Modell and former CFO Eric Spiel, along with holding company Henry Modell & Co., and a number of affiliated real estate entities.
Renewed Covid-19 outbreaks attributed to the “Stealth Omicron” variant in areas of China and Vietnam have put logistics firms on notice and threaten production slowdowns across industries.
Revenues at the private owner of the Blizzard, Lowa, Moon Boot, Nordica, Rollerblade and Tecnica brands said that revenues increased 22% to €466 million ($551 mm) last year, generating a 40% improvement in EBITDA to €77 million ($91 mm).
Retail/rental revenue jumped 41% to $126,831,000 in the fiscal second quarter ended Jan. 31 from $90,126,000 last year, helped by much-improved traffic benefitting from fewer Covid-related restrictions.
YY’s Pou Sheng Chinese retail sales fell 46% to RMB 1,325,023,000 ($208.2 mm) in Feb., facing a variety of headwinds including the Omicron Covid break out, draconian restrictions around the Beijing Olympics and continued boycotts of Western brands over Xinjiang sourcing.
The Boise, ID-based outdoor retailer plans to shutter its business on May 1, according to an email from store founder Tyson Stellrecht that was posted on Reddit, the Idaho Statesman reported.