Short News...4/28/03

Jeff Gordon, formerly of Footaction, has joined Reebok as its GM of US outlets. The job should be a challenge in that Reebok?s comps were down double digits in Q1. Full-price concept stores have a hard time when all the retailers are on sale.

The Belz-Burrow Development Group will develop an $80 million retail complex in North Little Rock with a Bass Pro Shops as an anchor tenant. Phase one will be completed in fall 2004. The remainder will be completed by 2005. The developers are looking into the possibility of tax increment financing, but would not seek any special state legislation.

Galyan's reached an agreement with the Orland Park (IL)School District to allow gun sales at the company's new store there. The agreement, which still requires the approval of the Village Board, would restrict Galyan's from selling firearms while Orland Center School is in session or when baseball games are being played behind the school. It also requires anyone who buys a firearm at the store to be escorted to their car by a store employee.

Galyan's has closed on a $250 million senior secured bank facility that will mature in April 2008. This new revolving credit facility replaces the previous $160 million revolving credit facility that was to expire on May 3, 2004. The new facility provides the company with greater liquidity and enhanced flexibility, which will allow Galyan's to continue to pursue its growth strategy over the next five years. The new credit facility is a traditional asset based loan with availability based on certain percentages of eligible inventory, eligible accounts receivables, and certain real property. The company will not be subject to any financial covenants, provided it maintains a minimum level of availability. Additionally, the company may request that JPMorgan Chase, as administrative agent, arrange an increase to the facility of up to $50 million to an aggregate of $300 million. JPMorgan and Congress Financial Corp. acted as co-lead arrangers for the facility and JPMorgan will act as sole administrative and collateral agent.

Pentland Group (Speedo, Ellesse, Reusch, Mitre) COB Stephen Rubin made the Sunday Times Rich List with an estimated net worth of #292 million. Harry Potter author JK Rowling was valued at #280 million. Both came in ahead of the Queen.

According to SanDiego.com, "Most (skateboard) firms, however, are quietly looking to make boards in Asia and Latin America. 'It's only a matter of time, between 12 months and 36 months, before the vast majority of skateboards will be made down south or overseas,' said Frank Messmann, chief executive of Kubic Marketing in Los Angeles, a unit of Globe International. Making boards abroad has long been frowned upon in the insular world of skateboarding, which despite its rebellious image can be as conservative as it