Reports: Camping World to Close ‘Active Sports’ Subsidiary

Active Sports, owned by Illinois-based retailer Camping World Holdings Inc. (NYSE:CWH) is shutting down its retail store and warehouse in Little Canada, Minn., a suburb of Minneapolis-St. Paul, affecting about 90 workers, according to a report by the Star-Tribune.

Active Sports, a mostly online retailer of outdoor gear including bikes and snowboards, stated in a letter to the Minnesota Department of Employment and Economic Development that it is restructuring its operations. Camping World acquired Active Sports and its online component The-House.com in August 2017. The-House website currently is holding a liquidation sale.

In a separate report by Seeking Alpha, Camping World Holdings has announced plans to “exit and restructure operations of its indirect subsidiary, Active Sports,” according to a notice filed with the SEC on Monday (March 6). According to the filing, a review of underperforming assets conducted by management concluded with a recommendation to exit the business in early March. The company now plans to implement this recommendation.

“These plans, when completed, will result in the liquidation of primarily all of its assets and closure of the Active Sports business and are anticipated to result in the impairment of certain long-lived assets associated with the Active Sports business,” the filing explained. “The Company currently estimates the total impairment charges associated with these restructuring activities to be between $11M and $16M which includes property and equipment, operating lease assets, and intangibles.”

Source: https://rvbusiness.com/reports-camping-world-to-close-active-sports-subsidiary/