California-based surfwear and board sport manufacturer Quiksilver Inc. is looking to unload its Ampla running shoe brand to a pair of former executives for $200,000.
Quiksilver, which filed chapter 11 papers for all U.S. operations last month, is asking a bankruptcy court in Huntington Beach, California to approve the sale of Ampla to Rob Colby, former president of Quiksilver’s Americas region, and Charles Exon, former chief legal officer, according to the Orange County Business Journal.
Together the pair has formed ColEx Inc., which will take on Ampla as part of a revised offer made by ColEx that was accepted by Quiksilver earlier this month, following an initial offer filed in July.
The Orange County Business Journal reported that Colby was previously a part of the team that helped design the carbon-fiber based Ampla running shoe beginning in 2013. Approximately 2,000 of the shoes were manufactured, but for undisclosed reasons Quiksilver decided not to go forward with further development of the brand. Quiksilver owns several trademarks in regards to Ampla, including its logo and certain patents associated with the carbon-fiber plate technology, though it is unclear if these are a part of the agreement.
“The Ampla Assets are outside of the core business of the Debtors, and accordingly, the Debtors do not plan on further developing the Ampla brand,” said Andrew Bruenjes, chief financial officer for Quiksilver’s Americas division, in an affidavit filed with the U.S. Bankruptcy Court, according to the OCBJ.
He continued, “The debtors’ efforts are currently focused on improving on their core business lines. As such, the Ampla assets are not providing any benefit to the debtors, and monetizing such assets through the sale will maximize their value for the debtors’ estates and creditors.”