Michael Rubin has saved as many as 200 jobs as his Fanatics sports merchandising acquires flailing Oklahoma based Top of the World. Top of the World makes college sports merchandise and was in danger of cutting hundreds of employees from the payroll.
According to the New York Post, Top of the World id valued at as much as $50 million. But the company owes $80 million and its creditors had already moved to liquidate it. It holds licensing rights for almost 600 schools which are being transferred to Fanatics.
Fanatics had just recently raised $350 in new investment. Fanatics will take over Top of the World’s 220,000-square-foot manufacturing plant in Norman, Oklahoma.
Show your school pride with these new Team Edition Ultraboosts!
— Fanatics (@Fanatics) September 5, 2020
In an Instagram post Rubin said, “Excited to share the news of our recent investment. Also want to thank our thousands of @fanatics associates worldwide who wake up each and every day obsessed w. serving the real-time expectations of sports fans in today’s digital-first world – you are very much appreciated! What really excites me is Fanatics is just getting started – we have so much more to do!”
According to Forbes, Michael Rubin is worth about $3.5 billion. He is the majority owner and CEO of Kynetic, a holding company for e-commerce companies Fanatics, Rue Gilt Groupe and ShopRunner.
Fanatics boasts that it is changing the way fans purchase their favorite team apparel and jerseys through an innovative, tech-infused approach to making and selling fan gear in today’s on-demand culture. Powering multi-channel commerce for the world’s biggest sports brands, Fanatics offers the largest collection of timeless and timely merchandise whether shopping online, on your phone, in stores, in stadiums or on-site at the world’s biggest sporting events.
Top of the World offers fan spirit for any college team. Licensed with over 700 NCAA schools, it offers a variety in hats – from classic styles to fashion-centric silhouettes. Its new MemoryFit™ hat lines the inside headband of the hat with memory foam. Top of the World promises to ensure that your team spirit shines.