Inaugural Rock ‘n’ Roll Virtual Running Series Race Draws 11,000
A total of more than 11,000 people from 80 nations and all 50 states took part in the Rock ‘n’ Roll VR1, the inaugural event in the Rock ‘n’ Roll Virtual Running (VR) Series held last weekend. Rock ‘n’ Roll VR1 consisted of a 5K with participants having the ability to compete anywhere, indoors or outdoors.
Macy’s Debt Ratings Lowered
S&P Global lowered the debt ratings of Macy’s as the rating agency expects prolonged effects of social distancing and a weak environment for discretionary spending will intensify pressures on the department store sector. S&P said Macy’s also faces sizable upcoming debt maturities over the next several years and potential covenant compliance issues under its revolving credit facility.
Adidas’ Q1 Revenues Drop 19 Percent
Adidas AG reported first-quarter earnings tumbled 97 percent. Sales slumped 19 percent on a currency-neutral basis. Adidas also warned the second-quarter results would decline to a greater degree.
Northwest Company Files For Bankruptcy Protection
The Northwest Company LLC, a manufacturer of league licensed blankets, packs and other items, filed for bankruptcy protection in the Southern District of New York. The filing was blamed on a failed acquisition, quality issues at a third-party vendor, tariffs and general weakness at retail in recent years.
Ross Stores Donates $1.5MM To COVID-19 Relief Efforts
Ross Stores, Inc. announced that the company and the Ross Stores Foundation have jointly pledged $1.5 million of donations to local and national organizations providing essential COVID-19 relief services and additional support to our associates.
NBA Opening Some Practice Facilities
The NBA is reportedly planning to re-open a number of team practice-facilities.
Survey Finds Consumers Feel Least Safe Shopping in Malls
According to a nationwide survey from First Insight taken on April 20, the majority of consumers surveyed would feel the safest shopping in grocery stores (54 percent) and drug store chains (50 percent).
J.C. Penney In Negotiations Over Bankruptcy Financing
J.C. Penney Company Inc. is negotiating bankruptcy financing with banks for a debtor-in-possession loan to secure liquidity for operations during bankruptcy, according to a report in the Wall Street Journal.
New Balance Wins Copyright Lawsuit In China
New Balance won a copyright lawsuit against a Chinese firm in a lengthy battle. The Shanghai Pudong People’s Court ruled that New Barlun was guilty of unfairly using an “N” symbol that closely resembles New Balance’s signature logo and could mislead consumers.
Patagonia Selling Online Again
Patagonia, which closed both its stores and e-commerce operations on March 13 in an early response to the spread of COVID-19, has resumed online selling.
RunSignup Releases Looking Forward Guidelines For Races
RunSignup has released a working draft of Looking Forward Guidelines for Races. This living document was created with input from dozens of race directors, timers, governing bodies, and other industry partners. It is intended to provide ideas for a path forward for races when coronavirus restrictions are lifted.
Target’s Q1 Earnings Impacted By COVID-Related Costs
Target Corp. said quarter-to-date, total company comparable sales have grown more than 7 percent, but warned that a number of factors will reduce first-quarter profitability. These include investments in pay and benefits to support team members during the COVID-19 crisis and a shift in category mix towards lower-margin categories.
Houghton Signs New Apparel Deal With Adidas
Houghton College, in upstate New York, has entered into an agreement with Adidas and ADPRO Sports of Buffalo that makes Adidas the official supplier of apparel and uniforms for Highlander athletics teams.
Gap Warns Of Liquidity Pressures
Gap Inc said its existing cash levels and credit facilities may not be sufficient to run its business and it would have to take additional measures such as job cuts and new debt financing within the next 12 months to boost its liquidity.
Retailers Urge Federal Pandemic Insurance Program Similar To 9/11 Terrorism Coverage
The National Retail Federation today called on Congress to pass legislation establishing a federal program that would help businesses obtain insurance coverage for pandemics modeled on a program for terrorism insurance established following 9/11.
