Yue Yuen’s March Revenues Were Down 24 Percent
Yue Yuen reported sales slumped 23.6 percent in March, improving on the rate of decline seen in February.
New Balance Undergoes Furloughs
New Balance has decided to furlough a “portion” of its retail, factory and office workers because of the coronavirus pandemic. The decision will not impact factory workers in Lawrence, MA and Norridgewock, ME who are producing general use face masks for first responders.
Canada Goose Bringing Back Up To 900 Workers To Make Medical Gear
Canada Goose Holdings Inc., based in Toronto, announced its plans to ramp up domestic production of personal protective equipment (PPE) for frontline healthcare workers across Canada. Over the next two weeks, the company will begin to reopen all of its eight Canadian facilities and, at full capacity as many as 900 employees will be working to support the efforts.
Canadian Tire Donates $5 Million For Canada’s Frontline Healthcare And Community Workers
Canadian Tire Corp. launched the C$5 million Canadian Tire COVID-19 Response Fund to help Canadians and communities respond to the current COVID-19 pandemic.
The Buckle’s March Sales Tumble 50 Percent
The Buckle Inc. announced that total net sales for the 5-week fiscal month ended April 4, 2020, decreased 50.2 percent. As previously announced, Buckle closed all brick & mortar stores due to the COVID-19 pandemic for an indefinite period beginning March 18, 2020.
Nordstrom Warns Coronavirus May Lead to “Distressed” Financial Condition
Nordstrom Inc. in a regulatory filing said the spread of COVID-19 has had a “substantial impact” on its business and results for the first quarter “and beyond will be adversely impacted in a significant manner.”
REI Postpones Billings Opening
REI Co-op’s planned opening of a store in Billings, MT, in spring 2020 has been postponed due to the ongoing pandemic.
Nike To Sponsor Temple University
Nike has signed a deal to replace Under Armour as the sponsor of Temple University, effective July, 2020.
Puma Reopens First Location In Wuhan, China
Puma has re-opened its store in Wuhan, China, the city where the coronavirus was first reported. The company plans to re-open its five other stores in the greater Wuhan region by mid-April.
HanesBrands Takes Actions to Navigate COVID-19 Pandemic
HanesBrands, the parent of Champion, announced that it is taking actions to navigate the global economic environment caused by the COVID-19 pandemic, including limiting discretionary spending, reducing executive pay, managing inventory, leveraging the company’s e-commerce business across the online channel, and diversifying production to include face masks.
Dick’s Sporting Goods Furloughing ‘Significant Number’ Of Employees
Dick’s Sporting Goods said it will furlough “a significant number” of employees at its stores, distribution centers and corporate headquarters starting Saturday “due to the uncertainty surrounding the length of its store closures.”
Hylete Announces Regulation A Offering.
Hylete, Inc., the fitness lifestyle brand based in Solana Beach, CA, announced a $12 million equity raise under a Regulation A Tier 2 offering. Hylete was founded in 2012 as a direct-to-consumer brand and had 2019 net revenues of over $12.5 million.
NBA Doesn’t See Decision On League Resumption Until At Least May
NBA Commissioner Adam Silver said Monday night that the decision on whether the league can resume won’t happen until May 1 at the earliest.
TJX To Furlough Most Stores, Distribution Center Employees
The TJX Cos. said it will be implementing temporary furloughs after April 11 for the majority of store and distribution center associates in the U.S. after announcing plans to continue its store closures in response to the pandemic. Its top executives have agreed to salary reductions.
Macy’s Announces CFO Exit
Macy’s Inc. announced that Paula Price, executive vice president and chief financial officer, has made the decision to leave the company as of May 31, 2020.
