Nike Enters into Sale Leaseback of Two Distribution Centers in ME & NH

Womens Wear Daily - October 19, 2007

Nike Inc. is partnering with real estate firm CB Richard Ellis in a sale-leaseback of its Cole Haan and Nike Bauer facilities in Yarmouth, Maine, and Greenland, N.H. According to an internal statement from James Seuss, president and chief executive officer of Cole Haan, and Mark Duggan, president and ceo of Nike Bauer Hockey, the financial transaction would take physical assets off the balance sheet and convert them to cash, allowing further investment in core businesses. The companies will lease rather than own the properties going forward, akin to what the company does with its New York offices. There have been talks about the initiative for two years. Sphere: Related Content