As part of its plan to restructure business and exit the bankruptcy it entered in September, surf inspired brand Quiksilver Inc. is asking a bankruptcy court to approve the sale of its Ampla running shoe brand to a pair of former executives for 200,000 dollars.
Former executives at the Californian surf fashion group Rob Colby - president of Quiksilver’s Americas region from November 2011 to February 2015 -, and Charles Exon - former chief legal officer who left the company last year after a 12-year tenure -, formed Long Beach-based ColEx Inc.
According to documents filed with the U.S. Bankruptcy Court for the District of Delaware, they sent an initial purchase offer in July. Rhone Athletic Apparel, a men’s active wear company, and Breakaway, a brand capital firm, also sent respective proves of interest in the company, but didn´t pursue the acquisition any further.
Quicksilver accepts ColEX´s offer to buy Ampla
Now, this month, ColEx submitted a revised offer that Quiksilver accepted, according to an affidavit filed with the U.S. Bankruptcy Court.
“The Ampla Assets are outside of the core business of the Debtors, and accordingly, the Debtors do not plan on further developing the Ampla brand,” said Andrew Bruenjes, chief financial officer for Quiksilver’s Americas division, in the legal document.
“The debtors’ efforts are currently focused on improving on their core business lines. As such, the Ampla assets are not providing any benefit to the debtors, and monetising such assets through the sale will maximise their value for the debtors’ estates and creditors,” further adds Bruenjes.
It is noteworthy that Colby was part of the team that began development of Ampla in 2013. The shoe has a carbon fibre plate in the sole that was designed to maximise the efficient use of force while running, according to court documents. Quiksilver holds several trademarks related to the Ampla name, associated logo and has obtained the rights to certain patents associated with the carbon fibre plate technology.
In early September, Quicksilver Inc. was excluded from the New Yorker trading floor after entering bankruptcy. Since then, Oaktree Banks and Bank of America have provided funding for 175 million dollars to save the company from bankruptcy. Likewise, Oaktree has taken care of the expenses generated by the court appeal and convert their debt into shares when the company out of court expenses.