Answering my question about what Adrenalina is up to, Transworld looked into the companies finances and found some interesting things.

It seems that Adrenalina’s bids for 49 West and PacSun are all in an effort to  shore up their balance sheets. The Transworld peice estimates that Adrenalina has $3 million in assets and $5.1 million in liabilities. Seems like they have a bit of a problem on their hands in the wake of a economic downturn, but hopefully the CEO Mr. Ilia Lekach can turn things around.

story via: business.transworld.net

West 49 Denies Adrenalina’s Offer to buy them. This comes hot off the heals of another denial from PacSun. I wonder what Adrenalina is up to?

West 49th press release:

West 49 Inc.’s board of directors has unanimously rejected the unsolicited proposal as it does not believe that pursuing Adrenalina’s proposal is in the best interests of West 49 Inc. or its shareholders. The board of directors noted that Adrenalina is an unlisted U.S. public company that has recently indicated that it does not have the financial resources to file its legally required annual report, that has an unproven business model and operates a very small number of highly expensive retail stores in the U.S., and that has recently made a similar and unsuccessful unsolicited attempt to acquire Pacific Sunwear of California, Inc. West 49 Inc. affirms that it has had no prior discussions with Adrenalina regarding this or any other type of potential transaction and is not aware of any interest previously expressed by Adrenalina in West 49 Inc.’s business.

story via: business.transworld.net

update: http://www.surfnewsdaily.com/2009/05/06/inside-adrenalina-update-story/