Hot Sheet: USSA, Kneissl, Volcom, Subaru and Mammoth
Winter business keeps heating up the summer in this week's Hot Sheet, with news on how the USSA is celebrating Olympic Day, Kneissl's liquidation, the Volcom sale and how winter and summer are getting along at Mammoth.
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The U.S. Olympic Committee, along with the U.S. Ski and Snowboard Association (USSA) hosted their annual Olympic Day celebration across the country the week of June 19, 2011, to commemorate the birth of the modern Olympic Games. The annual celebration is an international effort to promote fitness and introduce young people to sport. “Being an Olympian is really special,” said gold medalist Lindsey Vonn. “It’s not just about winning. It’s about competing, giving your best and following your dreams. Olympic moments are the kinds of things that inspire young kids to want to be an athlete. To me the Olympics are the pinnacle of sport and the highest achievement.” The USSA hosted an event on Saturday June 25th at the Utah Olympic Park with several Olympians and National Team athletes.
Kneissl appears to be headed for liquidation
Hard to say any brand is ever completely done in the ski industry, especially when so many have been resurrected more times than Jason in Friday the 13th. But according to Europe’s FriedlNews, at least for now, the venerable Kneissl ski company seems to have breathed its last. The company declared bankruptcy in February of 2011, but had held out hope for an emergency transfer of more than USD $3 million from majority owner Sheikh Mohamed Bin Issa Al Jaber. When that money did not arrive by a court-ordered date of June 15, liquidator Stefan Geiler told FriedlNews, “I expect the court to officially confirm the failure of the restructuring” for Kneissl.
PPR S.A. completed acquisition of Volcom
French retail and luxury group PPR S.A. announced that it has completed its acquisition of Volcom, Inc. through a short-form merger, and as a result, Volcom has become an indirect wholly owned subsidiary of PPR. In connection with the completion of the transaction, Volcom’s common stock ceased to be traded on the Nasdaq Stock Market following market close on Thursday, June 23, 2011 and will be delisted. PPR S.A. purchased all outstanding common shares of Volcom for USD $24.50 per share.
Professional Ski Instructors extend Subaru partnership
The Professional Ski Instructors of America (PSIA) and the American Association of Snowboard Instructors (AASI) announced the extension of their partnership with Subaru of America (SOA) as their exclusive vehicle Official Supplier through 2016. Subaru has been the official vehicle supplier of the PSIA-AASI since 1995. “The support that Subaru provides our membership–as well as the ongoing role the company plays in the growth of snowsports participation–continues to be outstanding,” said PSIA-AASI Marketing Director Andy Hawk. “The alignment of our mutual grassroots marketing programs provides a solid foundation for both organizations.”
Bike and ski time at Mammoth
Summer and winter continue to converge at Mammoth Mountain, where the trail crew has been just as busy digging out the bike park as they have been grooming the ski slope. Through July 4, fans of both can get unlimited skiing and biking in one day for $79, just $7 more than a standalone adult lift ticket. Mammoth was hit this year with more than 55 feet of total snow.
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