Outdoor financials: Eddie Bauer to ask shareholders to OK incorporation amendment, plus Forzani, Liberty Media, Hanesbrands

Eddie Bauer said it would ask shareholders to OK an incorporation amendment, Forzani reported same-store sales, Liberty Media commenced tender offers for senior notes, and Hanesbrands reported board of director changes.
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Eddie Bauer to ask shareholders to OK incorporation amendment

Eddie Bauer Holdings (Nasdaq: EBHI) said it intends to hold a special meeting of stockholders on Nov. 21 to seek approval from its stockholders of a proposed amendment to its certificate of incorporation to extend the expiration date of an existing 4.75 percent ownership limitation on its securities. Stockholders holding the company's common stock as of Oct. 3 will be entitled to vote at the meeting.

Additionally, the company said it entered into a supplemental indenture relating to its notes to remove a prohibition on its ability to extend the ownership limitation. The holders of 91 percent in principal amount of the $75 million in outstanding notes consented to the execution of the supplemental indenture.

The company has retained MacKenzie Partners to serve as its proxy solicitor for the proxy solicitation.

Forzani reports same-store sales

The Forzani Group (TSX: FGL), Canada's largest retailer of sporting goods, reported slightly higher sales for the fiscal 2009 "Back to School" selling season. Retail system sales for the seven-week period ended Sept. 21 increased 0.8 percent over the same period last year.

It said overall same-store sales for the seven-week period were flat, tempered by continued, reined-in consumer spending patterns. Corporate same-store sales were down 2.0 percent against the prior year. On a regional basis, western comparative store sales were flat, while eastern store sales, predominantly in Ontario, were down 3.2 percent. Franchise store sales, predominantly in Quebec, increased 3.5 percent for the seven-week period. Softgoods sales outpaced hardgoods and footwear.

Forzani is parent of Sport Chek, Coast Mountain Sports, Sport Mart and The Fitness Source, among others.

Liberty Media commences tender offers for senior notes

Liberty Media (Nasdaq: LINTA), parent of Backcountry.com, has commenced cash tender offers for any and all of its outstanding 7-7/8 percent Senior Notes due 2009 and 7-3/4 percent Senior Notes due 2009. The tender offers are scheduled to expire on Oct. 27. As of Sept. 25, $669.6 million principal amount of 7-7/8 percent Notes were outstanding and $233.6 million principal amount of 7-3/4 percent Notes were outstanding.

In the tender offer for the 7-7/8 percent Notes, Liberty said it will pay $1,007.50 for each $1,000 principal amount tendered and accepted for purchase, which includes an early tender premium of $10 per $1,000 principal amount of 7-7/8 percent Notes. For the 7-3/4 percent Notes, Liberty will pay $1,006.50 for each $1,000 principal and also includes an early tender premium of $10 per $1,000 principal amount of 7-3/4 percent Notes.

Hanesbrands reports board of director changes

Hanesbrands (NYSE: HBI), parent of Duofold, reported membership changes to the company's board of directors, the establishment of a lead director position, and the completion of its planned spin-off leadership succession.

Charles W. Coker, 75, will retire from the company's board of directors effective Dec. 8, 2008. A member of the board since the company became independent, Coker has served as chairman of the board's compensation committee and as presiding director and was instrumental in Hanesbrands' transition as an independent company.

To fill the board's 10th position after Coker's retirement, Ann E. Ziegler, senior vice president and chief financial officer of CDW Corp., has been elected to the company's board of directors, effective Dec. 8, 2008. Ziegler, 50, will serve for a term scheduled to end at the 2009 annual meeting of stockholders.

To complete the company's planned executive leadership succession, Board Chairman Lee A. Chaden, 66, will retire from the chairman position, and Hanesbrands CEO Richard A. Noll will add the chairman's role to his responsibilities. Chaden, who also has served in the executive chairman and chief executive officer roles with the company, will remain on the board of directors. All changes are effective Jan. 1, 2009.

In conjunction with Noll assuming the chairman and CEO roles, the board of directors has created the position of lead director to further enhance Hanesbrands' governance structure. J. Patrick Mulcahy, a member of the board since its inception, has been elected as lead director.

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