|By Marketwired .||
|March 25, 2014 09:33 PM EDT||
CARLSBAD, CALIFORNIA -- (Marketwired) -- 03/26/14 -- Pacific Vector Holdings Inc. (TSX VENTURE:PVH), a premier action sports retailer and consumer brands company, announces that it has closed fourteen stores in efforts to accerelate a positive contribution across the entire retail chain.
"When we acquired Ryderz Compound retail stores last April, we knew it would be a turnaround effort, which was reflected in the purchase price of the stores. We spent the last 10 months analyzing the stores on a unit-by-unit basis and monitoring key performance metrics through the retail selling seasons. As a result of our findings, we have made the decision to close fourteen stores in efforts to address the long-term health of the company," said CEO Robert Reynolds. "This action is the first part of a turnaround plan we are implementing to position Prime Ride Shop locations for growth and profitability. Our strategy on the retail side of the business is to remodel, rebuild and re-banner our twenty profitable properties to the Prime Ride Shop name."
About Pacific Vector
Pacific Vector is a premier action sports retail and consumer brands company. www.pacificvector.com
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Pacific Vector assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Pacific Vector.