G.I. Joe’s Finally Takes A Bath

This Northwest SG retailer, which has about 1.5% share of the sporting goods industry, has been on the skids for years. It finally filed Chapter 11 last week but appears to have done so in way that will allow it to operate as an ongoing concern for the near-term. That said, we’ve all seen this story before. First step is to look at the vendors and payables – which is outlined in the table below. Some key notables…

1. Columbia is the largest creditor, with about $888k at risk. This is about $0.02 per share in a quarter where the company guided to $0.06. I’m modeling closer to $0.20.

2. Under Armour is #4, with similar math as COLM. $648k, or just shy of a penny a share in a quarter where the Street is at $0.03. I’ve got UA earnings about twice that.

3. Perhaps the biggest notable… Where’s Nike? Joe’s is based in Nike’s backyard, and there’s no exposure here at all. Team USA at Nike did a great job keeping this one on a tight leash.

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