Podium (DVS, Matix, Diamond) files Chapter 11 Bankruptcy

[buffalo hunter]

http://shop-eat-surf.com/news-item/3861/dvs-files-for-chapter-11

[manu]

Fuckin' Nike SB or whatever.

[life support]

Doesn't necessarily mean they're done though.
Hope not. Maybe some changes here and there will help them out.

[chockfullofthat]

Where will I get perfectly fitting pants now!?  DEAR GOD, WHERE!!!???

[A.J.K.]

How much involvement does Diamond have with Ace?  Hopefully they're not in trouble.

Not that i've ever bought stuff from these companies and will miss them, still a bummer for everyone employed by them.

[four eyes]

Pudwill to join P Rod at Nike SB.

[tkp]

[Fongstarr.]

Diamond is hardly a part of podium. They are mostly a clothing company now and make good money. Nick Diamond just bought a whole warehouse too and fully furnished it with super expensive furniture. If anyone is not doing good, it's DVS.

[darrin lee]

This explains a shit load- dropping Biebel for nothing, all the DVS drops.

If they don't bounce back, Gavin will probably end up with the crailtap crew.

[Ronald Wilson Reagan]

so now that makes DVS and es going out recently. But hey, Nike SB has cool designs right? Who gives a shit about how badly they gut the industry...

[Monty Burns]

so now that makes DVS and es going out recently. But hey, Nike SB has cool designs right? Who gives a shit about how badly they gut the industry...

Nobody is forcing people to buy nike . And nike clothing cant really be killing off matix , elwood and so on .

What nr on the buying list was dvs anyways ?  Id prob buy  Supra ,  Lakai ,Vox ,  circa , etnies , huf , Fallen , Emerica , Globe , Gravis , DC , Osiris befor I would buy DVS

Its weird there are so many posts about adio sucking , dvs sucking , nobody wanting to buy it . And then when they close down . its omg its such a shame , blame nike .


On another note It would be interesting to see how big  the budget is for sponsoring ppl . Like say how many pairs of free shoes or boards people are getting and how much it costs to send it to them each month and so on

Sure it takes a toll on a company to have to send out 20 boards a month to thousands of kids in 50+ countries

[Handsome Squidward]

so now that makes DVS and es going out recently. But hey, Nike SB has cool designs right? Who gives a shit about how badly they gut the industry...

Nobody is forcing people to buy nike . And nike clothing cant really be killing off matix , elwood and so on .

What nr on the buying list was dvs anyways ?  Id prob buy  Supra ,  Lakai ,Vox ,  circa , etnies , huf , Fallen , Emerica , Globe , Gravis , DC , Osiris befor I would buy DVS

Its weird there are so many posts about adio sucking , dvs sucking , nobody wanting to buy it . And then when they close down . its omg its such a shame , blame nike .


On another note It would be interesting to see how big  the budget is for sponsoring ppl . Like say how many pairs of free shoes or boards people are getting and how much it costs to send it to them each month and so on

Sure it takes a toll on a company to have to send out 20 boards a month to thousands of kids in 50+ countries

Except Adio actually sucked.

[Zurg]

yeah, who the fuck ever bought dvs anyway?

[Big Skatefase]

it's not nike's fault nobody bought dvs shoes. with or without nike people were buying vans, lakai, emerica and many other shoes before dvs.

don't let me get started on sole tech getting rid of es but still throwing money to their other non-skate divisions

[Hatechild]

Diamond is hardly a part of podium. They are mostly a clothing company now and make good money. Nick Diamond just bought a whole warehouse too and fully furnished it with super expensive furniture. If anyone is not doing good, it's DVS.

I don't think Diamond is affiliated with Podium anymore.    I wonder were Daewon will go?

[Bobby Peru]

"Once the process is completed we plan to ramp back up depending on our needs/synergies between Podium and our new partner (that new partner will be determined at the auction)."

So does this mean DVS filed chapter 11 and not Podium? The article makes it seem as if Podium and DVS are two different entities and DVS will have a new parent company.

[Joe Pesci]

i know 2 people on dvs flow and they never said anything about the company being done, but they havent got shoes in a couple weeks because dvs was switching warehouses and couldnt send out orders to anyone

[Bubblegum Tate]

I guess they had a reason to kick off all those rad riders they once had? 

I think DVS makes their shoes with Podium, but not their clothing

[darrin lee]

yeah, who the fuck ever bought dvs anyway?

I rocked the Sheffey pro model like a decade ago, they were the shit.  It's been all down from there.

[ttching!]

I skated one of Daewon's recent pro-models, and would have bought another pair but they changed the design to a lower profile model than I'm willing to go for.

Its likely that Podium, DVS, Matix and Diamond are all organized as independent business entities, with DVS/Matix being the ones specifically listed as having filed.  I'm guessing that these were generally started and built without much outside equity, but with a line of credit from a bank. Probably those ruthless fuckers at B of A.  From what was said in the article, it sounds like the bank changed the line of credit terms after they had been forced to use a lot of it to restructure their European business.  With a Chapter 11 filing, the existing owners are using the courts for selling the business and settling obligations they can't pay.  I imagine they have chosen this route because the bank which they have the line of credit with is demanding repayment terms which the business' operating cash flow couldn't cover and still keep the lights on.  Having been through one of these with a company I worked for, I'm sure they lined up the preferred investor, then emptied the bank account to pay their critical/favored vendors and then filed Chapter 11 to stick it to the bank who they owe the line of credit to.  Any outstanding bills they still had with anyone at the time of the filing will have to be filed as claims with the court and will be only be paid to whatever degree the court decides, which probably won't be much, but ongoing business with vendors can be covered, so there may not be any interruptions of the primary operations.  The end of the process is a public auction of the company.  There is no guarantee that the investor they are working with will end up as the new owner or if Gavin et al will still be a part of the company at the end of the process.  Its unlikely that they will retain much/any ownership of the company.  The business' credit will be done for a while after this and they will need the new owners' deep pockets and cash from sales to keep the doors open.  Only time will tell if they can survive.

[NonCents]

"Once the process is completed we plan to ramp back up depending on our needs/synergies between Podium and our new partner (that new partner will be determined at the auction)."

So does this mean DVS filed chapter 11 and not Podium? The article makes it seem as if Podium and DVS are two different entities and DVS will have a new parent company.

Podium is filing for chapter 11 but it's entirely possibly that DVS (or Matix) could be sold/spun out in some sort of asset sale.

Sounds like they're trying to pay out early investors and start over...

[mdspb]

this does not necessarily mean they are done for; keep in mind Active filed Chapter 11 3 years ago, and they haven't gone anywhere:
http://business.transworld.net/14082/features/active-ride-shop-filed-for-chapter-11/

[mcpeepants]

I was gonna say, I thought Diamond shit was big with hipsters...

[trannies and mannies]

I was gonna say, I thought Diamond shit was big with spoiled wangster mall kids who say "swag" and dont skate

[Ronald Wilson Reagan]

^ Its also big with kids in the ghetto.

so now that makes DVS and es going out recently. But hey, Nike SB has cool designs right? Who gives a shit about how badly they gut the industry...

Nobody is forcing people to buy nike . And nike clothing cant really be killing off matix , elwood and so on .

What nr on the buying list was dvs anyways ?� Id prob buy� Supra ,� Lakai ,Vox ,� circa , etnies , huf , Fallen , Emerica , Globe , Gravis , DC , Osiris befor I would buy DVS

Its weird there are so many posts about adio sucking , dvs sucking , nobody wanting to buy it . And then when they close down . its omg its such a shame , blame nike .


On another note It would be interesting to see how big� the budget is for sponsoring ppl . Like say how many pairs of free shoes or boards people are getting and how much it costs to send it to them each month and so on

Sure it takes a toll on a company to have to send out 20 boards a month to thousands of kids in 50+ countries

You mean aside from the fact that nike has a larger budget to start with, a larger distribution system, a stronger PR wing, and can work on economies of scale? No, that couldn't have had anything to do with it....right?
When a huge corporation comes into an industry that is entirely populated with small businesses they have GIGANTIC advantages and tend to take the smaller companies out due to their economic size and strength, not because of anything having to do with the brand's quality.
Half this board doesn't know shit about economics but pretend they do.

Whatever though, keep telling yourself that the "swoosh" on your foot isn't bad for skating, reality tends to contradict that though.

[ChronicBluntSlider]

I was gonna say, I thought Diamond shit was big with hipsters...

Chumlee sports Diamond they got to be big.  Or is Chumlee sponsored by Diamond??? I want footage.

[Monty Burns]

^ Its also big with kids in the ghetto.

so now that makes DVS and es going out recently. But hey, Nike SB has cool designs right? Who gives a shit about how badly they gut the industry...

Nobody is forcing people to buy nike . And nike clothing cant really be killing off matix , elwood and so on .

What nr on the buying list was dvs anyways ?� Id prob buy� Supra ,� Lakai ,Vox ,� circa , etnies , huf , Fallen , Emerica , Globe , Gravis , DC , Osiris befor I would buy DVS

Its weird there are so many posts about adio sucking , dvs sucking , nobody wanting to buy it . And then when they close down . its omg its such a shame , blame nike .


On another note It would be interesting to see how big� the budget is for sponsoring ppl . Like say how many pairs of free shoes or boards people are getting and how much it costs to send it to them each month and so on

Sure it takes a toll on a company to have to send out 20 boards a month to thousands of kids in 50+ countries

You mean aside from the fact that nike has a larger budget to start with, a larger distribution system, a stronger PR wing, and can work on economies of scale? No, that couldn't have had anything to do with it....right?
When a huge corporation comes into an industry that is entirely populated with small businesses they have GIGANTIC advantages and tend to take the smaller companies out due to their economic size and strength, not because of anything having to do with the brand's quality.
Half this board doesn't know shit about economics but pretend they do.

Whatever though, keep telling yourself that the "swoosh" on your foot isn't bad for skating, reality tends to contradict that though.

I suck at economics so Im not saying anything there . I do have some nike shoes , but I prefere Adidas or Supra . Buying Nike that big a change befor I started skating all my shoes were nike . From regular shoes , running and sneakers . After I started skating the only shoes I bought besides work shoes have been skate shoes .

Best shoes Ive ever skated have been Nikes . But Id rather buy supra or adidas since they dont make that mode anymore at nike . Last pair of shoes I bought was Lakai

Anyways Im not here to defend nike or adidas , But Im not here either to buy DVS since I dont like em

[Cthulhu!]

Birdo was right all along. All you had to do was listen.

[Pavementi]

^ Its also big with kids in the ghetto.

so now that makes DVS and es going out recently. But hey, Nike SB has cool designs right? Who gives a shit about how badly they gut the industry...

Nobody is forcing people to buy nike . And nike clothing cant really be killing off matix , elwood and so on .

What nr on the buying list was dvs anyways ?� Id prob buy� Supra ,� Lakai ,Vox ,� circa , etnies , huf , Fallen , Emerica , Globe , Gravis , DC , Osiris befor I would buy DVS

Its weird there are so many posts about adio sucking , dvs sucking , nobody wanting to buy it . And then when they close down . its omg its such a shame , blame nike .


On another note It would be interesting to see how big� the budget is for sponsoring ppl . Like say how many pairs of free shoes or boards people are getting and how much it costs to send it to them each month and so on

Sure it takes a toll on a company to have to send out 20 boards a month to thousands of kids in 50+ countries

You mean aside from the fact that nike has a larger budget to start with, a larger distribution system, a stronger PR wing, and can work on economies of scale? No, that couldn't have had anything to do with it....right?
When a huge corporation comes into an industry that is entirely populated with small businesses they have GIGANTIC advantages and tend to take the smaller companies out due to their economic size and strength, not because of anything having to do with the brand's quality.
Half this board doesn't know shit about economics but pretend they do.

Whatever though, keep telling yourself that the "swoosh" on your foot isn't bad for skating, reality tends to contradict that though.

C'mon man, don't berate people for not understanding when you're not even hearing the argument presented to you. You're totally missing the point�this is much more about demand than it is about supply. It doesn't matter what economies of scale Nike has over Podium if no one wants to buy Podium's product. Neither company controls what people want, and right now Nike is trendy so, unfortunately, they're winning.

[Liam Baker]

I was gonna say, I thought Diamond shit was big with spoiled wangster mall kids who say "swag" and dont skate