Solo Brands, Inc. Reports Impairment Charges for the Fourth Quarter 2023
March 14, 2024 at 06:50 am
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Solo Brands, Inc. reported impairment charges for the fourth quarter 2023 . The company reported that Impairment charges of $249.0 million were recorded in the fourth quarter of 2023, of which $234.8 million related to goodwill for the Company?s Solo Stove, Oru and ISLE reporting units and $14.2 million related to the Oru and ISLE intangible assets.
Solo Brands, Inc. develops and produces ingenious lifestyle products that market and deliver through its direct-to-consumer (DTC) platform and wholesale partnerships. The Company operates six outdoor brands: Solo Stove, Oru Kayak, Inc. (Oru), International Surf Ventures, Inc. (ISLE), Chubbies, Inc. (Chubbies), Sconberg, LLC (TerraFlame) and IcyBreeze Cooling, LLC (IcyBreeze). Its brands develop products and market them directly to customers primarily through e-commerce channels. Its Solo Stoves include the Lite, Titan, and Campfire. Solo Stove Lite is an ultralight portable backpacking camp stove that can boil water in under 10 minutes using just twigs, sticks, and leaves. The Solo Stove fire pit products include the new tabletop Mesa, Ranger, Bonfire, Yukon, and Canyon. Its Oru brand includes five kayak models: the Inlet, Beach LT, Bay ST, Coast XT, and Haven. Its Chubbies brand offers apparel across five product lines: swim trunks, casual shorts, sport, polos and shirts, and lounge.