From the administrators' statement

Prince 1s one of the leading brands in racket sport equipment and apparel across the globe and has become synonymous with the highest standards tn racket sports The brand started with Prince Sports Inc in US and, in 2003, PSE was incorporated as a subsidiary of Prince Inc which was the operating business which covered Europe, Africa and the Middle East

The Global economic downturn and increased competition within the sector resulted in a drop in global sales and in May 2012, Prince Inc filed for Chapter 11 protection in the US

Through the chapter 11 process, the intellectual property rights of Prince Inc were acquired by Authentic Brands Group (“ABG”) who took steps to restructure the brand’s business model,

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Oldco (PSE) Limited (04683733)

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