10 Dec Jack Wolfskin Debt Falls in Secondary Markets
Jack Wolfskin’s debt has dropped between 9 and 13 percent in value on secondary markets in the last month, reports Reuters, citing data collected by its affiliate, Thomson Reuters LPC.
Data from the service, which tracks trades in Europe’s secondary debt markets, shows Jack Wolfskin’s euro term loan B dropped around 9 points in a month and was quoted at 90.1 on Dec. 8 from 99 on Nov. 7. Trades of its second lien dropped 13 points to 84.3 on December 8 from 97.3 on Nov. 7.
Reuters reports Blackstone, the private equity firm that acquired Jack Wolfskin in 2011 met with investors last week to discuss the company’s performance.
Jack Wolfskin GmbH is Germany’s largest domestic outdoor apparel brand, reported sales declined 7.9 percent in 2013 due in part to fierce competition in its home markets of Germany and Austria and a restructuring of its sales force. The company said sales of its outdoor apparel, footwear and equipment reached €324 million, or about $430 million using the average euro to dollar exchange rate for 2013.
Jack Wolfskin has been pushing hard to become the dominant pan-European outdoor brand since being acquired by Blackstone for €700 million, including €485 million in debt.