Active Ride Shop has a new owner.
The Chino, Calif.-based skate chain was acquired in a bankruptcy auction at the U.S. Bankruptcy Court in Riverside, Calif., on June 16 by Active Sports Lifestyle USA, LLC for $5.2 million in cash and assumption of secured debt.
Issa Ladha, manager of Active Sports Lifestyle, will become the owner of up to 20 of the retailer’s locations, including Active Ride Shop’s headquarters and warehouse, depending upon lease negotiations. Ladha also owns several other real estate and hotel properties.
In court filings, Ladha said he plans to manage the new Active company with Esmail Mawjee, a former colleague of Ladha’s with “in-depth hands-on experience in all aspects of fashion retailing and the latest consumer trends.”
The sale is expected to be approved by the end of the month.
Other attendees at the auction included action sports retailers Zumiez, Inc., Nine Star Corp., and Surf Associates Inc. (which operates the retailer BC Surf & Sport) and investment banking firm Meleen and Comp.