All Corporate articles – Page 20
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ArticleSberBank pulls out of the EU
The Russian leader SberBank is withdrawing from the European market, after being hit by massive financial sanctions in retaliation for Russia’s invasion of Ukraine. “Sberbank has decided to withdraw from the European market. The group’s subsidiary banks face abnormal outflows of funds and threats to the security of their employees ...
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ECB warns that SberBank units in the EU are failing
The European Central Bank (ECB) has assessed that the units of Russian lender SberBank in Austria, Slovenia and Croatia are failing or likely to fail because of a decrease in their liquidity. SberBank Europe, which is based in Austria, and its two subsidiaries in Slovenia and Croatia, have experienced ”significant ...
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Fire breaks out at an Alpargatas site
In the early morning of Feb. 21, a fire broke out at an Alpargatas plant located in the city of Santa Rita, in the Brazilian state of Paraíba. So far the company has not identified casualties and staff was released before the beginning of the work shift at the site. ...
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Pikolinos streamlines its structure
Pikolinos has streamlined its structure by absorbing its leather supplier Pies Cuadrados, which like Pikolinos is owned by the Perán family. Through the reorganization, the company Molicopi, which owned Pies Cuadrados is being liquidated. In 2019, Pikolinos already modified its structure with a partial spin-off of its parent company. The ...
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ArticleScarpe & Scarpe plans to continue on its own
The Italian footwear retailer Scarpe & Scarpe, which is currently under a creditor protection scheme, plans to remain independent. The company will outline its business plan and debt repayment proposal to creditors on Feb. 28. The retailer was created in 1961 in Turin and currently has 137 stores across Italy. ...
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U.K. online retailer Studio Retail files for administration
The British online retailer Studio Retail Group filed for administration for itself and Studio Retail Limited, its wholly owned subsidiary, after failing to obtain a £25 million (€30m) short-term loan. The company also suspended its shares on the London Stock Exchange while it begins the U.K.’s form of bankruptcy proceedings. ...
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Hengst files for bankruptcy
Hengst Footwear, which is based in the Dutch town of Steenwijk, has filed for bankruptcy, according to the local media. “This step was a difficult decision for our family,” Karen Hengst, who owns the company with her husband Hans, was quoted as saying. She cited the impact of the ...
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ArticleHow supply disruption, inflation impact Valleverde’s international expansion
Valleverde, the Italian brand of comfort shoes, was a household name in its home country, underpinned by a vast network of directly-operated and franchised mono-brand stores and high-profile advertising campaigns featuring domestic and international celebrities such as the winners of the Miss Italia beauty contest and the Hollywood star Kevin ...
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Unbound starts trading on AIM and renews its management
Unbound Group, the owner of the British footwear retailer Hotter Shoes, started trading on the AIM segment of the London Stock Exchange on Feb. 1. The company, which was previously called Electra Private Equity, previously announced that it was moving from the stock exchange’s main market to the AIM as ...
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ArticleExpo Riva Schuh parent invests €25m to upgrade its exhibition center
Riva del Garda Fierecongressi is investing €25 million to upgrade the exhibition center where is organized twice a year Expo Riva Schuh & Gardabags, the footwear and accessories exhibition held in Riva del Garda, Italy. The company has already spent €9 million to buy hall D of the exhibition complex. ...
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Unbound applies to be listed on the AIM
The British investment company Unbound Group has applied for the cancellation of its shares on the main market of the London Stock Exchange in order to be admitted on the AIM segment from Feb. 1. Unbound, which changed names from Electra Private Equity, owns the footwear brand Hotter.
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Sabu launches new business and organizational development unit
Sabu launched a new business and organizational development division that will be led, effective immediately, by Kay Wegerhoff. The new unit will allow to more closely identify the current and future needs of members and suppliers, sort them by priority and implement projects and measures as needed, in the ...
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ArticleHow Nice Footwear structured the takeover of Favaro
Following the initial public offering (IPO) of Nice Footwear, which completed on Nov. 18, 2021, we have carried out an in-depth study of the company’s strategy, focusing on its acquisition of Favaro Manifattura Calzaturiera in June last year and its plans to develop the Italian producer of high-end women’s shoes. ...
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S&P has a negative credit outlook for Crocs
Having completed its review of Crocs following its $2.5 billion takeover of Hey Dude, Standard & Poor’s gave a negative outlook to the company, in contrast with the stable outlook assigned by Moody’s. S&P indicated that it might downgrade Crocs if it fails to integrate the casual footwear brand as ...
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AlgiKnit opens innovation hub in North Carolina
The biomaterials firm AlgiKnit opened on Dec. 15 an innovation hub in Morrisville, located in The Research Triangle area of North Carolina. The company, which produces yarns derived mostly from the seaweed kelp, will begin pilot projects with global brands from the new space in early 2022. The new facility ...
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ArticleSkechers downsizes its board
Skechers has reduced the size of its board of directors to seven members, following the resignation of four current members and the addition of a new one, Zulema Garcia, who will serve on the company’s audit committee. Garcia spent 24 years at KPMG before joining Herbalife Nutrition as senior vice ...
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ArticleLi & Fung teams up with Maersk
Li & Fung, the leading Hong Kong-based sourcing company, and Maersk, the world’s largest container shipping company, have agreed to form a strategic partnership to offer a more comprehensive range of end-to-end global supply chain services by utilizing their respective resources. As part of the deal, Li & Fung has ...
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Brian Atwood launches a new collection
Brian Atwood is launching a new footwear collection with his brother Zak Rodriguez. The new collection will be called Il Fratellino (the little brother in Italian) and is scheduled to be launched in spring 2022. It will target young customers and will be inclusive and sustainable, according to the designers. ...
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Skechers extends and expands its credit facility
Skechers has expanded its senior unsecured credit facility from $500 million to $750 million, extending its maturity date from November 2024 to December 2025. It will retain a $250 million accordion feature that allows the company up to $1 billion worth of liquidity. The syndicate of lenders features Bank of ...
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Rizzo makes offer to creditors
Rizzo Group has made an offer to its creditors to avoid bankruptcy. The Swedish retailer’s composition offer, which also applies for its subsidiary Rizzo International, involves the entire payment of unsecured debt up to SEK 2,000 (€195-$220) and 25 percent of any excess amount. The company has been in corporate ...
