Markets

The administrators of SurfStitch just sold STAB Magazine back to its founders

The founders of STAB Magazine have just got back the business from the administrators of SurfStitch, continuing the unwinding of content businesses bought by the online clothing retailer. Sam McIntosh and Tom Bird, who founded the magazine for high-performance surfing, closed the deal with administrators John Park, Quentin Olde and […]
The administrators of SurfStitch just sold STAB Magazine back to its founders
Markets

SurfStitch has gone into administration

The online clothing retailer SurfStitch has gone into administration. The company says the business faces several significant challenges including two class actions, protracted litigation and investigation by the corporate regulator ASIC. SurfStitch’s businesses will continue to trade. The business, started in 2007 by two surfing buddies from Sydney’s northern beaches, […]
SurfStitch has gone into administration
Markets

ASIC has expanded its investigation into SurfStitch

SurfStitch, already facing two class actions and legal action by a shareholder over a content contract, has revealed that corporate regulator ASIC has expanded its investigation into the online retailer. ASIC (Australian Securities and Investments Commission) started an investigation 12 months ago into market disclosures made by the clothing retailer. […]
ASIC has expanded its investigation into SurfStitch
Markets

SurfStitch heads for the bunker

SurfStitch has pulled down the shutters in the face of legal action bigger than the market values its shares. The company today extended its voluntary trading halt until August as the online clothing retailer ponders a possible complicated negotiated settlement to a class action against it. The company originally went […]
SurfStitch heads for the bunker
Markets

SurfStitch has gone into a trading halt

SurfStitch has gone into a trading halt after class action was launched against the online clothing retailer. The company, applying for a trading halt on the ASX, says it has received a statement of claim filed in the Supreme Court of Queensland. SurfStitch says it’s assessing the claim and preparing […]
SurfStitch has gone into a trading halt
Markets

Losses are expected to double at SurfStitch as the retail crunch intensifies

SurfStitch says bigger losses are ahead as the retail crunch continues to drag at the online clothing retailer’s sales. The company is now forecasting an underlying EBITDA (earnings before interest, tax, depreciation and amortisation) loss for the full year of between $10.5 million to $11.5 million, a sharp deterioration from […]
Losses are expected to double at SurfStitch as the retail crunch intensifies
Markets

SurfStitch has sold Garage Entertainment for a loss

The troubled online clothing retailer SurfStitch has sold action and extreme sport video business Garage Entertainment to the Madman Media Group for a loss. SurfStitch in 2015 paid $15 million in cash and shares for Garage and its assets including the acclaimed Australian documentary Bra Boys. The exact price paid […]
SurfStitch has sold Garage Entertainment for a loss
Markets

SurfStitch sees more losses ahead

Troubled online retailer SurfStitch today posted a half year loss of $5.6 million and expects more of the same for the rest of the year. A short time ago, the shares were up 2.7% to $0.185. The six month loss was an $8 million improvement on the same six months […]
SurfStitch sees more losses ahead
Markets

SurfStitch sells its surboard business at a loss, its shares jump

Troubled online retailer SurfStitch has sold its surfboard subsidiary Surf Hardware International at a loss to investment company Gowing Bros Ltd for $17 million. A short time ago, SurfStitch shares were 12% higher at $0.185. The surfwear company says the business it bought 12 months ago for $23.7 million wasn’t […]
SurfStitch sells its surboard business at a loss, its shares jump
Markets

A knife has been taken to the SurfStitch board of directors

The troubled online retailer SurfStitch has axed four from its board of directors. Gone are executive directors Lex Pedersen, a co-founder of SurfStich, and Justin Stone, the founder of Surfdome, and non-executive directors Stephen Goddard, a retail veteran, and Jane Huxley, a former CEO at Fairfax Digital. A short time […]
A knife has been taken to the SurfStitch board of directors
Markets

ASIC is investigating a failed $20 million content deal at SurfStitch

A failed $20 million deal by SurfStitch, the troubled online retailer, is now the subject of an investigation by corporate watchdog, ASIC. The surf wear company today made further comment on a bid by Crown Financial, part of the Coastalwatch group with which SurfStitch is in dispute with over the […]
ASIC is investigating a failed $20 million content deal at SurfStitch
Markets

SurfStitch goes into a trading halt over further takeover moves

SurfStitch, the troubled online surf wear retailer, has gone into a trading halt while it considers the next move by a takeover suitor. Last week SurfStitch revealed that it had an offer from Coastalwatch Pty Ltd, a surf and weather report business, which already controls 28,785,826 shares or 10.4% of […]
SurfStitch goes into a trading halt over further takeover moves
Markets

SurfStitch is in play

SurfStitch, the troubled online surf wear retailer, is getting takeover nibbles. A short time ago, its shares were up more than 14% to 20 cents. SurfStitch, following a strategic review, has also decided to sell Surf Hardware International and has appointed Deloitte Financial Advisory to assess opportunities for what it […]
SurfStitch is in play
Markets

SurfStitch is getting destroyed after posting a massive loss

SurfStitch shares were almost cut in half after the online retailer posted a full year loss of $155.35 million. A short time ago, the shares were down 47% to $0.12. Revenue was up 143% to $237.95 million, mainly from acquisitions, but gross margins fell to 40% from 46%. But the […]
SurfStitch is getting destroyed after posting a massive loss
Markets

The chairman of Surfstitch is gone

The first chairman of SurfStitch is stepping down as the troubled online clothing retailer restructures its management. A short time ago, the company’s shares were up 2.7% to 19 cents, off a low of 18 cents but well below the 12 month high of $2.13. Howard McDonald, who became chair […]
The chairman of Surfstitch is gone
Markets

SurfStitch is cutting staff in the US

The troubled online clothing retailer SurfStitch plans to cut up to 40 staff from its business in the US. A short time ago, SurfStitch shares were up more than 10% to $0.26 on the news. “This was not an easy decision to make, but we need to remain competitive in […]
SurfStitch is cutting staff in the US
Markets

Surfstitch downgrades profit again

Surfstitch shares were being hammered after announcing the second profit downgrade in a month. A short time ago, the shares were down 28% to $0.29. The online clothing retailer now expects a full year EBITDA (earnings before interest, tax, depreciation and amortisation) loss of $17.3 million to $18.3 million when […]
Surfstitch downgrades profit again