Orange 21, the the Carlsbad-based company that owns Spy Optic has announced that they are abandoning their preliminary discussions with No Fear Retail Stores, Inc. regarding the purchase of the company’s 40 retail store fronts.
John Pound, the Co-Chairman of the Board and the Chairman of the Special Committee that evaluated the preliminary discussions said that ‘a transaction does not make sense at this time’. However, the discussions were useful in identifying ‘our short-term goals of focusing organic growth’
Orange 21 CEO Chief Executive Officer of Orange 21 Mark Simo said that “our stockholders would be better served by us continuing to focus on our turn-around efforts.” And we agree with Mark.
[Link: Trading Markets]
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