September 12, 2022
The Maine-based retailer, which announced plans in July to wind down operations at its last 35 stores, has now filed for Ch. 11 in DE bankruptcy court, owing money to dozens of industry vendors.
Thule is standing firm behind the bicycle market’s long term prospects, as record investment pours in to city bike lanes and mountain biking trails, but is taking a more cautious approach in the short run.
The one shareholder proposal to make it onto the Eager Beavertons’ proxy card this year would have had the company pause sourcing cotton and other raw materials from China until the U.S. Xinjiang import ban is lifted.
Following S&P Global’s negative outlook for the Coleman parent, Moody’s was considerably more upbeat in its assessment, giving the new senior unsecured bonds a rating of Ba1 and maintaining its positive outlook for the company.
Yue Yuen’s manufacturing segment revenue grew 112% last month to an implied $558,237,000, from $263,919,000 last year, and YY’s Pou Sheng Chinese retail segment rebounded 7% in local currency to RMB 1,499,109 ($216.4 mm).
An International Trade Commission Administrative Law Judge issued an initial determination against Peloton, iFit and Lululemon, allowing the lawsuits over streaming patents to proceed, which had been stayed pending this ruling.