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Highline Industries Corporation Acquires Dwindle for $1.5 Million

The news broke yesterday that Globe sold Dwindle to Highline Industries Corporation for $1.5 million. The Australian shoe giant blamed the strengthening U.S. dollar and declining profits as the reason for unloading its portfolio of hardgoods brands that it acquired in 2002. According to the press release published by Shop-Eat-Surf, the deal goes into effect in the first half of 2020.

The transaction includes the brands, working capital, domain names, social media accounts and the personnel attached to the Dwindle business. As at 30 June 2019, the carrying value of the net assets associated with the deal was $1.5 million, which was all in working capital. The transaction will be recognized in the first half of the 2020 financial year. The sale of this business is not expected to have any significant impact on Group profitability in the 2020 financial year and beyond.

Wonder what Rocco thinks about all of this?

Image Via Transworld