Citing slumping financial performance through this past summer, Vista Outdoor is currently seeking a buyer for its eyewear lines as is eliminating the position of shooting sports president.
According to Chief Financial Officer Stephen Nolan, the company reportedly suffered a loss of $115 million in the three months ending in September, including substantial losses for its sports protection and hunting and shooting accessories businesses. The brands that Vista wants to divest are in the sports protection business. They are not a part of Vista’s core business partly because their fashion, safety and protective sunglasses and goggles are sold through different distribution channels than Vista’s other products.
The brands became a part of Vista with its acquisition in 2013 of Bushnell, which had other lines such as rifle scopes and holsters.
Chief Executive Officer Chris Metz says over the next three months, Vista will look at all of its 51 brands and determine which ones fit with its business model and which ones should be sold.
Vista Outdoor is taking a number of other actions to alter the company’s course, including cutting the job of shooting sports president Bob Keller, who is leaving Vista next Friday. (Lewiston Tribune)
