VF Announces Action Plan In Response To COVID-19
VF Corp. said it will reduce the salaries of its executive team over the next four months, keep its stores closed in North America and EMEA until May 3, and has drawn the remaining $1 billion under its revolving credit facility in response to the coronavirus outbreak.
Report: Dick’s Moves To Reduce Or Stop Paying Rent
Dick’s Sporting Goods is sending letters to landlords indicating that will reduce or outright not pay rent due to the “unprecedented situation” created by the COVID-19 pandemic.
The North Face Commits $1 Million In Grants To COVID-19 Recovery Efforts
The North Face announced it will join in the fight against the COVID-19 pandemic with the donation of $1 million in grants through its social advocacy platform, The Explore Fund, as well as the donation of 60,000 gloves to U.S. healthcare professionals and first responders.
Authentic Brands’ Debt Ratings Downgraded
Authentic Brands, which owns a portfolio of over 50 brands that include Spyder, Tretorn, Tapout, Prince and Volcom, had its debt rating downgraded and outlook reduced by Moody’s Investors Service due to disruptions caused by the coronavirus.
PVH Completes Sale Of Speedo North America Business To Pentland Group
PVH Corp. completed the sale of its Speedo North America business to Pentland Group, the parent company of the Speedo brand, for $170 million in cash, subject to a working capital adjustment.
Nike Announces Additional Round Of COVID-19 Donations
Nike Inc. will provide an additional $1.6 million to help local organizations meet immediate needs, such as food assistance and medical care, in key cities and communities around the world where its employees live and work.
Acushnet Withdraws Guidance Due To Coronavirus Disruption
Acushnet Holdings Corp., the parent of Titleist, FootJoy and KJUS, said in a regulatory statement it has withdrawn its guidance for 2020 and increased borrowings under its credit facility due to the “unprecedented uncertainty” caused by the coronavirus pandemic.
Nordstrom Appoints Two New Board Members
Nordstrom Inc. announced the appointment of two new members to its Board of Directors: Jim Donald, co-chairman of Albertsons Companies, Inc., and Mark J. Tritton, president and chief executive officer of Bed Bath & Beyond.
Under Armour Announces COVID-19 Actions, Details 2020 Restructuring Plan
Under Armour Inc. announced actions it is taking to address the financial impact of the COVID-19 pandemic. Additionally, the company’s Board of Directors has approved a previously planned restructuring initiative designed to rebalance its cost base to further improve future profitability and cash flow generation.
Fanatics Partners With New England Patriots
The New England Patriots and Fanatics announced a 10-year e-commerce partnership that will have Fanatics operate the online and mobile retail merchandise business for the six-time Super Bowl champions. The team will continue to operate their Patriots Pro Shop stores at Gillette Stadium and Patriot Place.
Puma SE To Suspend Dividend Payment
Puma SE said it is suspending dividend payment, as well as reducing expenses and securing additional financing, as the coronavirus pandemic has caused a “major decline in net sales and cash inflow.”
Canadian Tire Taking Measures To Preserve Liquidity
Canadian Tire Corp. said it is taking aggressive action to preserve its cash position and financial flexibility. The company also noted that online sales at SportChek are running strong amid the coronavirus pandemic as Canadians purchase health and fitness products.
Running Event Organizers Seek Coronavirus Relief
Running USA along with Spartan Race, Ironman, Tough Mudder, Rock & Roll Marathon Series, USA Triathlon, USA Cycling, and imATHLETE / EnMotive has joined together to ask Congress for relief from canceled and postponement of events due to the coronavirus.
Consumers Shifting E-commerce Spending Toward Apparel And Footwear During Coronavirus Outbreak
Consumers in the U.S. are shifting their share of e-commerce spending toward apparel, footwear and accessories as the COVID-19 outbreak continues, according to new data from Klarna, a payments platform.
Athletic Directors Survey Identifies Coronavirus Concerns
A survey of more than 100 athletic directors from the Football Bowl Subdivision (FBS) found athletic academic progress and financial uncertainty were top concerns stemming from the coronavirus pandemic.
