Latest news with #LexPederson
Sky News AU
10 hours ago
- Business
- Sky News AU
Nike takes collapsed Australian surf retailer SurfStitch to court
Nike is taking Australian surf retailer SurfStitch to court following the company's financial collapse, seeking more than $237,000 it claims it is owed. SurfStitch entered administration in May, a decade after the surf and skate business was valued at $600m. Nine News reports Nike Australia is claiming to be owed $237,760.38, citing court documents. Nike Australia filed an application for a winding up order, which is set to be heard in the Supreme Court of Victoria on Wednesday. SurfStitch was founded by Justin Cameron and Lex Pederson in Sydney's northern beaches in 2007. Online, the company acted as both a third-party retailer, and a traditional seller of stock it bought from suppliers. But the company has been subject to major turbulence since it listed on the Australian Stock Exchange in 2014. A year after listing, the company was valued at over $500m, which in 2025 equalled about $650m. One of the founders unexpectedly quit in 2017, and the company went into voluntary administration. Shareholders filed lawsuits and the financial regulator launched an investigation. The owners of LEGO Certified Stores and General Pants stepped in and bought the business in 2018. The buyer, Alquemie Retail Operations, sold SurfStitch to an undisclosed company in May 2025. Up to this year, major labels for sale via SurfStitch included Adidas, Billabong, Levi's, Nike and The North Face. Originally published as Nike takes collapsed Australian surf retailer SurfStitch to court
News.com.au
10 hours ago
- Business
- News.com.au
Nike takes collapsed Australian surf retailer SurfStitch to court
Nike is taking Australian surf retailer SurfStitch to court following the company's financial collapse, seeking more than $237,000 it claims it is owed. SurfStitch entered administration in May, a decade after the surf and skate business was valued at $600m. Nine News reports Nike Australia is claiming to be owed $237,760.38, citing court documents. Nike Australia filed an application for a winding up order, which is set to be heard in the Supreme Court of Victoria on Wednesday. SurfStitch was founded by Justin Cameron and Lex Pederson in Sydney's northern beaches in 2007. Online, the company acted as both a third-party retailer, and a traditional seller of stock it bought from suppliers. But the company has been subject to major turbulence since it listed on the Australian Stock Exchange in 2014. A year after listing, the company was valued at over $500m, which in 2025 equalled about $650m. One of the founders unexpectedly quit in 2017, and the company went into voluntary administration. Shareholders filed lawsuits and the financial regulator launched an investigation. The owners of LEGO Certified Stores and General Pants stepped in and bought the business in 2018. The buyer, Alquemie Retail Operations, sold SurfStitch to an undisclosed company in May 2025. Up to this year, major labels for sale via SurfStitch included Adidas, Billabong, Levi's, Nike and The North Face.
