Australia's one time leading surf retailer says the dream has died!
Oh you have thrilled and cried with each wrinkle in the grand SurfStitch drama. Do you remember when the Australian online surf retailer was valued at tons of dollars, maybe even multiple millions, and bought Stab for 10 million?
The highest times!
Sure there were some who questioned the move and even wondered if SurfStitch was buying Stab for such a premium in order to mask operating losses and keep share prices higher and drain cash from company which could then be used to co-fund the bid to re-privatise — wash the money and put it toward repurchase.
But those were just haters!
SurfStitch only had the purest of intentions on their buying spree. Stab is totally worth 10 million! Probably more! In any case, SurfStitch has fallen on the hardest times back home in Australia and has closed down its north American operations entirely. Should we read a quote from a SurfStitch executive?
“The work to transform our business model; through improved operational capabilities, enriched customer engagement and a reduced cost base; is going well. However, the retail environment has made it difficult to deliver the planned sales and gross margin improvements as quickly as we would like, resulting in the revised forecast for the group’s underlying EBITDA.”
The company also announced it would be closing its North American operations by January 2018, noting the region…
“…continued to be unprofitable for the foreseeable future”.
Well hell.
I live in North America. Is surf officially done forever here? Will we all have to hang up our tools and head back into the salt mines?
Hell. That doesn’t sound very fun.
But, when I die, can you please ensure that “unprofitable for the foreseeable future” is chiseled into my headstone?
Thanks!
Who let Nike into surfing anyway ?
Where was Fast Eddie ; >
That’s what yah gyet for mixing business and pleasure ? ! ?
Interpretation of Surfstitch Exec Statement …
“No money. No customers. No plan. No hope.”
You forgot, No Clue and Never Had One.
Reduced cost base = make a bunch of people redundant and try to ship their jobs to lower cost countries. Also sounds like sales are tanking and the stuff they’re selling is low margin. Maybe its time to sell to Amazon.
story for shareholders:
transform business model
improved operational capabilities
enriched customer engagement
reduced cost base
Is there a sexier business acronym than EBITDA? I used to wank madly after painting EOFY on my ceiling as a young man. But EBITDA really gets me going these days. Don’t judge me.
as predicted here, vineyard vines buys volcom and the under armor wavedancers league is born.
Surf: Dead Since 1969
Died wit Da Cat !
Did we kill it? I hope we killed it!
Welp. Wavegarden’s in every state, including fuckin South Dakota. Surf coaches. The new little league, high school, college, and pro level sponsored by Budweiser, full WWE level circuit. Arena’s, man. Board is the new cargo. Kelly Slater’s new band with Eddie Vedder and Jack Johnson is charting high on the modern rock billboard, Walmart distro – they don’t need the money, they are signed to a major. John John Florence advocates marijuana use, patents sativa strand “Bomb John.” The Aussies are dorks, and the Brazos are the unwanted enemy – political shit, get the people fired up. Kolohe Andino blows out his MCL and becomes the Troy Aikman douschebag commentator of the Ultimate National Surf League. I’m a fan, and take my money.
Merica. #NoMedina #ImDrunk
I’ve heard the bomb John shatter is epic.
It’s because you refuse to embrace Stand Up Paddleboarding.
I knew that was going to come back and bite me in the ass.
Chas, someone is finally lobbing grenades at you. Only problem is they are all the way in Australia. Your buddies over at ain’t that swell pulling pins and using your name in vain. Where’s the blood feud article??