SurfStitch saga takes dramatic turn as Nike launches legal action
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Sportswear giant Nike has launched legal action against surf retailer SurfStitch in an attempt to recoup the hundreds of thousands of dollars it says it is owed.
SurfStitch, which was sold by its parent company Alquemie Group to an unknown buyer last month, placed itself into voluntary administration weeks after the legal proceedings were initiated, a notice lodged with the corporate regulator reveals.
Nike Australia, which sold sneakers and clothes on SurfStitch's website, is pursuing a winding-up order against the brand, claiming it is owed a total of $237,760, according to court documents filed with the Supreme Court of Victoria.
Winding up notices are usually issued by creditors of a company in order to enforce the payment of a debt.
If the debt is found legitimate and a company is unable to pay, the business is usually placed into liquidation by the court.
The matter is due before the court next week.
Even though SurfStitch has been placed into administration, the court can still order the business into liquidation.
An Alquemie Group spokesperson told News Corp that the company sold the SurfStitch business in May.
'We understand the new owners have subsequently appointed voluntary administrators,' they said.
SurfStitch's website has been shut down for several weeks, displaying a message that states it is 'currently undergoing maintenance'.
'We expect to be back soon. Thanks for your patience,' their site reads.
Law firm Cornwalls, who is representing Nike in the Supreme Court action, declined to comment.
SurfStitch administrators, Edwin Narayan and Domenic Calabretta of Mackay Goodwin who were appointed to the company on June 6, were contacted for comment.
The fresh legal action and administration mark another unexpected chapter in the SurfStitch saga, with the company previously collapsing in 2018.
It was previously reported that SurfStitch appointed administrators in 2017, with the retailer sold to Alceon Retail Bidco a year later – which is now known as Alquemie Retail Operations, a subsidiary of Alquemie Group.
Alquemie's portfolio includes fashion retailer General Pants Co. and LEGO Certified Stores, with the group also offloading luxury fashion brand Ginger & Smart in May to the same undisclosed buyer that acquired SurfStitch.
The private equity firm is run by Richard Facioni, a long-time deal-maker in the retail industry and the former chairman of Mosaic Brands – the ASX-listed company that took in brands Noni B, Rivers and Millers, which collapsed last year.
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Asian have stocks stabilised as crude oil hovered near multi-week lows as a ceasefire between Israel and Iran buoyed sentiment, even as hostilities threatened to flare up again. The US dollar wallowed close to an almost four-year trough versus the euro with two-year US Treasury yields sagging to one-and-a-half month lows as lower oil prices reduced the risk to bonds from an inflation shock. The shaky truce has so far held, although Israel says it will respond forcefully to Iranian missile strikes that came after US President Donald Trump had announced an end to the hostilities. In addition, US air strikes did not destroy Iran's nuclear capability and only set it back by a few months, according to a preliminary US intelligence assessment, contradicting Trump's earlier comments that Iran's nuclear programme had been "obliterated". In Asia, morning trading was mixed with Japan's Nikkei index and Australia's ASX both flat, while Taiwan's index gained one per cent. Hong Kong's Hang Seng rose 0.6 per cent and mainland Chinese blue chips fell 0.1 per cent. US stock futures were little changed. An MSCI index of global stocks held steady after climbing to a record high overnight. Brent crude ticked up 81 cents to $US67.95 per barrel, bouncing a bit following a plunge of as much as $US14.58 over the previous two sessions. US West Texas Intermediate crude added 70 cents to $US65.07 per barrel. "Despite the cease fire between Israel and Iran appearing somewhat tenuous, the markets are shrugging it off," said Kyle Rodda, senior financial markets analyst at "Realistically, the markets don't care if a limited conflict comprised of mostly air strikes continues between the two countries," he said. "It's the prospect of a broader war, with deeper US intervention and an Iranian blockade of the Strait of Hormuz that really matters. And for now, the risks of that seem low." The two-year US Treasury yield dipped to the lowest since May 8 at 3.787 per cent. The US dollar index, which measures the currency against six major counterparts, slipped 0.1 per cent to 97.854. The dollar slipped 0.1 per cent to 144.70 yen. The euro added 0.1 per cent to $US1.1625, edging back towards the overnight high of $US1.1641, a level not seen since October 2021. Federal Reserve Chair Jerome Powell said on Tuesday that higher tariffs could begin raising inflation during the northern summer, a period that will be key to the US central bank considering possible interest rate cuts. Powell spoke at a hearing before the House Financial Services Committee. Data showed that US consumer confidence unexpectedly deteriorated in June, signalling softening labour market conditions. Markets continue to price in a roughly 18 per cent chance that the Fed will cut rates in July, according to the CME FedWatch tool.
