All Corporate articles – Page 21
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News briefsLenzing cuts 500 jobs
Lenzing plans to reduce global personnel costs by up to €30 million, or the equivalent of around 500 full-time jobs, by not filling positions that fall vacant due to retirements and natural attrition, as well as by job cuts. The move is part of a larger plan to achieve €100 ...
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News briefsSSU files for insolvency
Sports e-commerce company Signa Sports United (SSU), controlled by Austrian investor René Benko’s Signa Holding, has filed for insolvency. The Bielefeld District Court, where the application was filed, appointed Munich-based lawyer Christian Gerloff as insolvency administrator. The German business newspaper Handelsblatt was the first to report the insolvency filing, which ...
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News briefsAnother activist investor targeting VF Corp
Only one week after Engaged Capital set its sights on VF Corp., a second activist investor, Los Angeles-based Legion Partners, has acquired an undisclosed stake in the company and wants it to divest brands such as Timberland, Bloomberg reported, citing sources familiar with the matter. VF just named former Nike ...
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ArticleWSF extends existing crowdinvesting campaign
In August, Austrian bicycle and e-bike contract manufacturer WSF Bicycle Technology GmbH launched a crowdinvesting campaign on crowdfunding platform Conda with a funding target of €400,000. The company, which was founded in 2020 and is based in Regau, Upper Austria, plans to use the money to increase its production from ...
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News briefsInternetstores GmbH files for insolvency
Stuttgart-based Internetstores GmbH, which includes the bike and outdoor online shops Fahrrad.de, Bikester, Campz and Addnature, filed for insolvency at the Stuttgart District Court on Monday afternoon. The company is part of Signa Sports United (SSU), the sporting goods division of the Signa Group founded by Austrian investor René Benko. ...
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ArticleWave of insolvencies at SSU seems unleashed
While Signa Sports United (SSU) offshoot Internetstores GmbH (Addnature, Bikester, Brügelmann, Campz, Fahrrad.de, Probikeshop) is said to have informed its suppliers of impending insolvency in self-administration and British affiliate WiggleCRC is believed to have done the same in its home country, German Tennis-Point GmbH has already filed for insolvency on ...
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News briefsJohnson Outdoors to focus on Jetboil brand in camping segment
Johnson Outdoors Inc., the US outdoor recreation equipment and technology provider, announced that it is exiting its Eureka product lines. The product lines will be available for sale as it winds down operations and plans on fulfilling all customer requirements through the end of 2024. “After careful and thoughtful consideration, ...
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ArticleVF investor pushes for turnaround plan
In a presentation, California-based activist investor Engaged Capital outlined that the parent company of Vans, The North Face (TNF), Timberland, Supreme and others is suffering from bloated overhead that is driving down shareholder value and called for a more detailed turnaround plan for VF Corp. It said that the overhead ...
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News briefsPierer Mobility AG announces change of ticker symbol
The shares of the two-wheeler giant Pierer Mobility AG (brands KTM Motorrad, Husqvarna Motorcycles, GasGas as well as Felt Bicycles, Gas Gas E-Bicycles, Husqvarna E-Bicycles, etc.) will no longer be listed on the stock exchange under the ticker symbol PMAG, but under PKTM with immediate effect. The shares of the ...
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ArticleLargest SSU shareholder cancels equity commitment
Shortly after deciding to delist from the NYSE, Signa Sports United (SSU) announced that it had received a termination notice regarding the unconditional equity commitment letter from Signa Holding GmbH, a privately held Austrian real estate and retail company and a subsidiary of the company’s largest shareholder, Munich-based Signa International ...
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News briefsREI cuts 275 retail jobs
U.S. outdoor retailer REI Co-op is cutting 275 of its 12,300 retail jobs as part of a broader plan to update its brick-and-mortar business model. The company’s employees were reportedly informed of the layoffs through a memo by REI’s VP of Stores, Mary-Farrell Tarbox, on Oct. 12. The cuts primarily ...
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ArticleVittoria opens cotton bike tire factory in Bangkok
Italian bicycle tire specialist Vittoria has opened a new factory in Thailand for the production of cotton bicycle tires. This €20 million investment will expand the Vittoria Tyres Thailand (VTT) factory site from 36,000 to 51,000 sqm in the Bangpoo industrial area, near VTT’s current headquarters. The 10,000 sqm facility ...
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News briefsOfficial launch of ReHubs Europe
At a kick-off meeting in Barcelona on Oct. 3, the European Apparel and Textile Confederation (Euratex) and 20 incoming members presented ReHubs Europe, a new international non-profit organization dedicated to boosting textile recycling. The official launch follows three years of preparation and the publication of a ”Techno-Economic Study” that looked ...
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ArticleVista Outdoor unveils name for outdoor products segment
Having already announced the new name of its Sporting Products segment (The Kinetic Group) last August, Vista Outdoor Inc. has now revealed the name and identity of its Outdoor Products segment following the planned separation of the group: Revelyst, Inc. The new Outdoor Products company will trade on the New ...
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ArticleInov-8 rebrands for the first time in 20-year history
Founded in 2003 in the mountains of northern England, the running, hiking and fitness brand Inov-8 is undergoing its first rebrand. To mark the milestone of two decades, the company has now unveiled a new look with the new wordmark “INOV8.” The new name and logo will first appear on ...
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ArticleSSU delists from NYSE, new CEO
After assuming earlier this year that the worst of the market disruptions were over, Signa Sports United N.V. (SSU), the Berlin-based sports e-commerce specialist, has now announced an acceleration of its strategic realignment and performance improvement program. Ahead of putting its Q3 numbers on the table, the company is ...
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News briefsBleed wants to become community-based company
The sustainable outdoor brand Bleed from Germany, which ran into economic trouble earlier this year, has turned to its fans and supporters with a new rescue plan. In order to be able to continue operating, the company wants to become a “community-based business.” To this end, the company writes in ...
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News briefsColoreel announces $2m deal to scale production of its sustainable technology
Swedish textile innovation brand Coloreel has announced the signing of a $2 million agreement with “a prominent Asian manufacturer.” The deal has been described as “a significant milestone for Coloreel and its innovative product.” Coloreel has developed a technology for embroidery that enables high-quality coloring of textile thread on demand. ...
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News briefsHuntsman launches new technology collaboration platform
Texas-based chemical company Huntsman Corporation has launched a technology portal to enable collaboration with innovators and manufacturers across the value chain. The cross-divisional initiative aims to facilitate and foster external collaborations by connecting minds and expertise from different sectors with Huntsman to unlock potential business opportunities. “Working with external partners, ...
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News briefsLagoped raises €5.7 million
French outdoor clothing brand Lagoped has announced the completion of a funding round worth €5.7 million. The company raised around €3.2 million from private equity firms HPF and Vox Capital. Christophe Cordonnier, the company’s co-founder with Julien Désecures and Pierre Derieux, has retained a majority stake. In addition, Lagoped obtained ...
