All Corporate articles – Page 22
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ArticleRizzo applies for extension of restructuring period
Rizzo Group has applied for a three-month extension to its corporate reorganization. The restructuring began on March 23 following a ruling by a Stockholm-based court and had already been extended to Sept. 23. The company has started to work on a composition with creditors. The valuation of inventories and intra-group ...
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News briefs
New investor for FootBalance
FootBalance, a Finnish manufacturer of custom insoles, has entered into a partnership with a new investor, London-based IPGL Limited. IPGL has acquired Scope Growth II L.P.’s shares in the company. “FootBalance has during our ownership evolved from a local provider of insoles to become a global category leader in foot ...
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ArticleGeox closes its Serbian factory
Geox is closing down its Serbian plant in Vranje due to a decline in demand for formal men’s and women’s shoes, in which the factory is specialized. The plant was built between 2014 and 2015 and became fully operational in 2016. Its construction was heavily subsidized by the Serbian government. ...
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Clarks staff ready to strike to avoid cut in labor rights
Workers at Clarks are considering taking strike action over plans by the British shoe company to fire and then rehire them on inferior terms. Loss-making Clarks was taken over by Hong Kong-based private equity firm LionRock Capital earlier this year as the Clark family lost control of the business for ...
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Goat Group more than doubles in value
The sneaker market is red hot, particularly online. The Goat Group more than doubled its valuation to $3.7 billion in its latest round of financing from $1.8 billion in the previous one last September. The proceedings from the $195 million financing round will be used to add new hubs in ...
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ArticleRizzo applies for extension of restructuring period
Rizzo Group, formerly known as Venue Retail Group, has applied for a three-month extension to its corporate reorganization which began on March 23 following a ruling by a Stockholm-based court. On April 23, the group’s wholly-owned Rizzo International also applied for corporate reorganization. In a statement, the Swedish company said ...
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News briefs
Chaco moves to new Michigan factory
Chaco, an outdoor lifestyle footwear brand owned by Wolverine World Wide, Inc., has moved to a larger and upgraded U.S. manufacturing facility in Rockford, Michigan, “to meet growing demands for increased footwear production, customization program, and reweb and resole requests from consumers,” the company said. The new factory provides 25 ...
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ArticleGörtz granted €28 million federal loan to weather Covid impact
The German footwear chain Görtz received a €28 million loan from the German federal government’s Economic Stabilization Fund (WSF) to weather the impact of the coronavirus crisis. The company’s funding request was approved in April, according to the ministry of economics. The ailing Hamburg-based firm was granted the much-needed ...
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Birkenstock to invest an extra €1.8m in its components site
Birkenstock is investing an additional €1.8 million in the modernization of its German site in Bernstadt which employs about 800 people and produces uppers and buckles for the sandal maker. It indicated the funds will be used for the renovation of social areas as well as the creation of office ...
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ArticleBirkenstock assigned a ‘B’ rating by S&P
The rating agency S&P Global assigned a ‘B’ rating with a stable outlook to BK LC Lux Finco 1 Sàrl, the parent company of Birkenstock. The rating comes after the private equity firm L Catterton and its affiliates, including Financière Agache, the investment company of the Arnault family, agreed to ...
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Callegari resumes production after fire
The Italian shoe maker Calzaturificio Callegari has resumed production after its factory in Fratta Polesine, in the Veneto region, was destroyed by a fire on March 10. The shoe maker is temporarily operating in a facility located in the town of Rovigo which belongs to one of its subcontractors. The ...
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Li & Fung launches an incubator for digital ventures
Li & Fung, the sourcing giant headquartered in Hong Kong, is launching LFX, a new and separate company designed to capitalize on new digital opportunities that can transform the retail industry and enable sustainability along the supply chain. Described as “an incubation, investment and operating platform,” LFX will launch and ...
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ArticleActivist shareholder seeks to take control of Genesco’s board
Legion Partners Asset Management, which owns 5.6 percent of Genesco’s capital, is seeking to take control of the eight-member board of the American footwear firm with the intention of boosting the company’s earnings and share performance. Legion is proposing the election of seven nominees - Marjorie Bowen, Thomas Kibarian, Margenett ...
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Lenders take control of Sequential’s board
Four out of the eight members of Sequential Brands Group’s board of directors have resigned as required by the extension until Apr. 19, 2021 of a credit agreement with Wilmington Trust and other lenders. The remaining members on the board represent mostly lenders such as KKR and Blackstone Group. The ...
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ArticleRizzo Group to undergo another restructuring
Rizzo Group, formerly known as Venue Retail Group, has applied for a new corporate reorganization with a Stockholm-based court. The decision follows a “sharp drop in sales” due to harsher restriction measures following a second wave of the Covid-19 pandemic from October 2020. The request comes six months after the ...
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News briefs
Sabu postpones its general assembly to October
The German retail cooperative Sabu has postponed its 69th ordinary general meeting from June 18-20 to October 22-24 because of the Covid-19 pandemic. The event is scheduled to be held in Berlin. Joachim Seibel, the chairman of Sabu’s supervisory board, said that there was no alternative, because of slow progress ...
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News briefs
Genesco upgrades ERP system
Genesco has selected Jesta’s Vision Sourcing & Demand software to upgrade its enterprise resource planning (ERP) system. Jesta already powers Genesco’s merchandising operations. The Vision Sourcing & Demand ERP solution will be leveraged by several departments within Genesco’s wholesale and licensing business to scale and standardize its end-to-end supply chain ...
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Li Ning’s SPAC files for a $250 million IPO
Trinity Acquisition has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $250 million in an initial public offering (IPO) of 25 million units at $10. The special purpose acquisition company (SPAC), based in Hong Kong, is led by Li Ning, the former Olympic champion turned ...
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News briefs
Juyi Group builds a new facility in China
The Chinese footwear company Juyi Group is building a 550,000 square meter high-technology manufacturing unit in Wenzhou’s Lucheng district. According to media reports, the facility represents an investment of about $307 million and will integrate artificial intelligence, Internet of Things and digitized logistics. Construction started in December 2020 and is ...
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News briefs
VF and Pensole offer corporate apprenticeship program for BIPOC students
As part of its ongoing commitment to racial equity, VF Corp. brands Timberland, Vans and The North Face, in partnership with Portland-based footwear design academy Pensole Academy, have launched a new educational program in the U.S. called ”DiverCity x DESIGN.” The program provides unique access to professional design experience and ...
