CIT: West Coast team featured in Fashion Manuscript.
FSG LAWYERS: Represented Loomworks Apparel (P.J. Salvage) on its acquisiton by Delta Galil.
Details on Industry Insight.
I exchanged emails with co-owner Shane Wallace about the new store and others on the way. I also asked him about Active's slow payment of bills to vendors and the search for a financial partner.
Shane told me the San Diego store has been well-received so far. The company also re-located and opened its Chino store yesterday, and Active is on track to open Thousand Oaks and Huntington Beach in the next 90 days. Shane also said Active's direct-to-consumer business has been strong.
All the growth without a financial partner has made it difficult to pay vendors on time, however. I asked Shane if Active's been able to work out payment arrangements with vendors. Below, Shane addresses that issue.
"Over the past 12 months we have had to adjust to a difficult economy in Southern California. During the past 12 months we developed/launched a first class corporate headquarters and distribution center, ERP system, and made other substantial capital investments into our business.
"We opened eight retail stores and re-located two of our existing stores in the past 12 months, without any financial partners. To answer your question, yes, we have been paying slow to our vendors and yes, all of our vendors are more than satisfied with our plan. We are fine and we are excited to continue our (vision) to become the best multi channel retailer."
Is it accurate to say you are close to a deal to bring on a partner?
"Yes, we are diligently going through the process to solidify a deal with a partner to support our business plan and vision. Like I stated in the DNR article, by this time next year we will have a great partner and a plan to continue the vision we all share at Active."