X-Treme Sports

In: Business and Management

Submitted By eanderson51
Words 1587
Pages 7
X-treme Sports Equipment, SA Lausanne, Switzerland

In March 2008, Mr. Marcel Kouchner had to go to the bank. He hated going to the bank. Time with a banker or an accountant meant time away from building his business through sales. However, with cash balances at his wholesale business, X-treme Sports Equipment, below CHF 17,500[1], Marcel saw few alternatives. He had already prioritized his bills, paying only the most pressing obligations. Marcel was troubled both by the record-low level of cash and by the drop in cash in recent years. He wondered how the cash balance could be so low despite a sales growth that was the envy of the industry. Particularly problematic was the pressure Mr. Kouchner was receiving from several of his suppliers, whose calls for prompter payment of invoices were becoming all too frequent. Given Marcel’s plans for expansion into Northern Italy and Austria, good supplier relationships seemed essential. Two payment-related problems had recently kept Marcel up late into the night. First, X-treme Sports rarely had the liquidity to take advantage of the early discounts offered for prompt payment. Manufacturers typically offered terms of 2%/10 days, net/30 days. Second, one supplier with wide name-brand recognition had threatened to cancel Kouchner’s strategically important exclusive Swiss distribution rights. Marcel had been banking with Credit Suisse since he started the business in 1987. Ms. Heidi Hingis, a Credit Suisse commercial lending officer in the Lausanne office, seemed to understand Marcel’s potential. Heidi’s two boys had bought some of the first in-line skates sold through X-treme way back in 1987. In addition to checking and savings accounts, Credit Suisse had also provided renewable short-term notes to X-treme. The short-term loans carried interest rates tied to the 3-month LIBOR rate. Marcel asked Heidi to…...

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