To address the funding shortage, the brand has already begun to close mall locations and intends to increase its focus on e-commerce to maximize ROI.
It is also aiming to enter an agreement with a Canadian retail consultant to help the Canadian athletic brand build and develop a new strategic plan targeted for the North American market.
In his new role, the primary task of Fazari will be to successfully complete the previously announced private placement financing for a minimum of $7 million, as well as execute a smooth transition to the proposed Consulting Group first mentioned in a statement from the company in late January.
Fazari, is a founding partner of Northwood Developments, with over 30 years of experience in retail real estate developments.
He will commence his activities immediately and he will be compensated by receiving 2,000,000 stock options, at the price of $0.05, vested instantly.
Leone took it upon himself to reinvent RYU in 2015. Having first invested in the apparel line in 2011, he went on to fully acquire it in 2015, overseeing its transformation from mixed-martial-arts brand to athletic-tech behemoth.