According to reports from The Press Enterprise, A Florida-based limited liability company called Active Sports Lifestyles entered a winning bid of $5.2 million to purchase Active Ride Shop in an auction ordered by the US Bankruptcy Court in Riverside, California today. Zumiez, which recently showed interest in acquiring the chain of stores was not among the final bidders.
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Based on the offer made by Zumiez, Active proposes to sell its assets for a total consideration of up to as much as $7.2 million cash, depending upon the outcome of Zumiez valuation of inventory and determination of number of stores to acquire.
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According to Bloomberg.com, VF Corp CEO Eric Wiseman said the company “is in ‘active discussion’ on possible acquisitions to increase revenue from outdoors and action-sports brands.”
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Important documents from Active’s bankruptcy case were filed and entered in court on April 24. Included in these documents are complete lists of claims by creditors; both secured and unsecured. Find out more here.
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Active Ride Shop announced today that is has filed for a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the county of Riverside. Stay tuned to TransWorld Business for follow up information as it breaks.
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Oakley took care of the details. The only thing shop and media teams had to do was show up at Dana Point Harbor and catch fish. Transworld didn’t come back with any cash prizes, but we were able to snag a few photos.
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