Michael Rubin, Chair of KPR Inc., is still trying to piece
together a deal to buy a controlling interest in Ryka, Inc., the
MA-based women's athletic shoe manufacturer. Rubin has "lined
up" a $4M line of revolving credit, but he "hinted that there was
still a possibility the deal could fall through." Rubin: "We
need $2 million in forgiveness of liabilities (from Ryka's
creditors). We're about two-thirds of the way there." Some Ryka
creditors have "reportedly balked at Rubin's offer to pay them 8
cents for every dollar they're owed buy Ryka." Rubin admitted
Ryka is in "worse shape than he thought" after making his initial
offer on June 2 (Chris Reidy, BOSTON GLOBE, 7/8).
NIKE FORTIFIES: Nike has purchased a 75-acre lot across the
street from their world HQs in Beaverton, OR. The purchase price
wasn't revealed, and Nike spokesperson Keith Peters said the
company is not sure what they will do with the land (Mayes &
Krueger, Portland OREGONIAN, 7/7).
NO FEAR: Mark and Brian Simo, the twin brothers who founded
"No Fear" apparel company, are profiled in USA TODAY. Apparel
experts say No Fear is the "hottest clothing segment with teen-
age boys who -- turned off by recent pro sports strikes and
lockouts -- are turning away from team sports apparel." This
week, No Fear will introduce their first line of "off-road shoes"
that will sell for $69-89. The company expects to be a $1B
company by the end of the decade (Bruce Horowitz, USA TODAY,
7/10).
SEE YOU IN COURT: New Balance Athletic Shoe has denied
rumors it was ready to accept an out of court settlement with the
FTC over charges their "Made in the USA" labels are "misleading."
A trial starts July 17 (BOSTON HERALD, 7/10).
