Exeter-based sports equipment manufacturer files for bankruptcy

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Exeter-based Performance Sports Group filed for Chapter 11 bankruptcy reorganization on Monday morning. Performance Sports Group manufactures and markets sports equipment and clothing under several brands, including Bauer Hockey, Mission Roller Hockey, Maverik Lacrosse, Cascade Helmets, Inaria, Combat and Easton. According to its website, ice hockey equipment is the cornerstone of its platform. Bauer Performance Sports changed its name to Performance Sports Group in 2014 and was double listed with a public offering on the New York Stock Exchange. The Wall Street Journal reported that the company’s shares have fallen 66% in the past year. The WSJ also reported that the Sports Authority’s bankruptcy filing and liquidation in March resulted in a $ 90 million loss in Performance Sports inventory, according to a person familiar with the matter. PSG announced in a press release that they had entered a restructuring process overseen by courts in the United States and Canada to facilitate the sale of the company. The company said it already had a buyer in mind: an investor group led by Sagard Capital Partners LP and Fairfax Financial Holdings Ltd. The Wall Street Journal reported that investors have agreed to make a joint bid to acquire PSG for more than $ 575 million. . PSG filed for bankruptcy in Delaware and Canada. It was unable to receive an extension from its lenders before Friday’s deadline to file its overdue annual audited financial statements, putting it at risk of default, according to the Wall Street Journal. The company said in a statement, “We remain focused on growing our strong underlying brands, which are leaders in hockey, baseball / softball and lacrosse. During the sales process, we plan to continue to operate our business as usual and provide the same high quality products that our consumers expect. ”

Exeter-based Performance Sports Group filed for Chapter 11 bankruptcy reorganization on Monday morning.

Performance Sports Group manufactures and markets sports equipment and clothing under several brands, including Bauer Hockey, Mission Roller Hockey, Maverik Lacrosse, Cascade Helmets, Inaria, Combat and Easton.

According to its website, ice hockey equipment is the cornerstone of its platform.

Bauer Performance Sports changed its name to Performance Sports Group in 2014 and was double listed with a public offering on the New York Stock Exchange. The Wall Street Journal reported that the company’s shares have fallen 66% in the past year.

The WSJ also reported that the Sports Authority’s bankruptcy filing and liquidation in March resulted in a $ 90 million loss in Performance Sports inventory, according to a person familiar with the matter.

PSG announced in a press release that they had entered a restructuring process overseen by courts in the United States and Canada to facilitate the sale of the company.

The company said it already has a buyer: an investor group led by Sagard Capital Partners LP and Fairfax Financial Holdings Ltd.

The Wall Street Journal reported that investors have agreed to make a joint bid to acquire PSG for more than $ 575 million.

PSG filed for bankruptcy in Delaware and Canada. It was unable to receive an extension from its lenders before Friday’s deadline to file its overdue annual audited financial statements, putting it at risk of default, according to the Wall Street Journal.

The company said in a statement, “We remain focused on growing our strong underlying brands, which are leaders in hockey, baseball / softball and lacrosse. During the sales process, we plan to continue to operate our business as usual and provide the same high quality products that our consumers expect. “


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