MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
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Dave told me the skate shoe company is not shutting its doors. The state of the footwear market and more importantly, the decision of PacSun to exit the skate shoe business has led to layoffs, he said. On Monday, eight employees were let go and a few others left on their own accord to pursue new ventures, Dave said. Adio now has 34 employees at its Carlsbad headquarters.
"We had to get our expenses in line with what our sales are," he said.
Dave said Adio's business at the core level is still strong and international sales growth continues. The erosion in Adio sales in the major accounts is due to PacSun.
The company is presently working on its spring '09 shoe lineup and Adio's pro team is intact, Dave said.
Dave said a press release will be released Monday with more details.