The Italian premium sportswear brand Jeckerson has been put into liquidation by its major shareholder Stirling Square Capital Partners, owning a 98.6% stake.
Jeckerson’s ceo Gian Maria Argentini (a former manager in Safilo, Sector and Allegri) explained In an interview to Il Corriere della Sera Bologna edition, that “this is the best solution to take to make the business sale faster”. The company is actually looking for a buyer who can save the business.
In March 2014 Stirling Square invested 5 million euros of new equity in order to gain an agreement with senior lenders (GE Capital Interbanca, UniCredit, Mps Capital Services and Banca Mps) for a rescheduling of 66 million euros of debt maturities and a covenant revision (see here a previous post by BeBeez).
Jeckerson was first in trouble in 2011 when it broke its financial covenants and devaluated its goodwill for 10 million euros. Next in 2012 the fashion brand had a 30.08 negative net result (after a 6,7 millions negative net result in 2011) due to further 30 million euros in goodwill devaluations. In 2012 Jeckerson reached 42.1 million euros in revenues down 15 pct from 50.5 millions in 2011, with a 10.1 millions ebitda (from 15.6 millions in 2011). Net financial debt was 52.5 millions (form 47,8 milions in 2011) but it also has 29,7 millions in vendor loan and contingent vendor loan. Thigs howeere didn’t changed in the next years so that debt has been growing till 83 million euros now.
Mr. Argentini also said the newspaper that “from an industrial point of view the company has an interesting profitability, but from a financial point of view the situation is no more substainable”. Revenues were 42 millions euros in 2014 but gross banking debt topped 54 million euros which adds to a 31.1 million euros vendor loan versus the former Jekerson owner: Stirling Square bought its stake in Jeckerson from Blue Fashion Group, the Stocchi family holding company, in 2008).
Some entrepreneurs are said to be interested in saving the company with Franco Stocchi among them. Jeckerson counts 180 employees and 30 mono-brand shops in Italy.
