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RYKA ASKS SUITOR L.A. GEAR FOR A PRE-MARRIAGE LOAN
Published April 7, 1995
Ryka Inc. is asking L.A. Gear for a short-term loan and is seeking to renegotiate the terms of the companies' acquisition agreement. Ryka said, in a statement, that failure to reach a revised deal "will result in termination of the merger agreement." Under the deal, L.A. Gear would acquire Ryka for cash and stock valued at $16.4M. The acquisition was scheduled to close by this summer. Ryka said it has exceeded its borrowing limit with its primary lender, Heller Financial, and it needs a loan from L.A. Gear. Ryka's "financial woes come at a critical time" when athletic-footwear makers begin factory runs for back- to-school shipments (Joseph Pereira, WALL STREET JOURNAL, 4/7). TIMBER! Timberland is featured in today's USA TODAY "company spotlight." The piece notes that Timberland's stick has "slumped more than 13% since Tuesday, when the company announced that 1st & 2nd quarter earnings would be "significantly below" expectations (USA TODAY, 4/7).