Academy’s Struggles Continued In 2018
In an update, Moody’s Investors Service confirmed the debt ratings and outlook of Academy, Ltd., the parent of Academy Sports & Outdoors, while also indicating that the retailer’s financial performance continues to erode. The report noted that Academy’s comps declined in the mid-single-digit range and EBITDA declined 12 percent in 2018.
Puma To Become Official Partner Of LaLiga
Puma has entered into a long-term agreement to replace Nike as the Official Technical Partner of the Spanish football league, LaLiga. Starting from the 2019/20 season, Puma will produce the official match ball for all games.
Academy’s Debt Repurchase Seen As Distressed Exchange
Moody’s Investors Service said Academy Ltd.’s recent open market repurchase of a portion of its term loan at a significant discount is a “distressed exchange” and presents a “limited default” for lenders.
Asics Launches Program To Support Startups
Asics announces the launch of Asics Accelerator Program, a business partnership acceleration program, for startups. The program seeks ideas from startups for products, services, and contents that would contribute to business opportunities in 2020.
Study Sees Strong Link Between Awards And Labels To Sporting Goods Purchases
A new survey of active consumers across Europe from ISPO finds 75 percent indicating they pay special attention to awards and technical labels such as Gore-Tex, Vibram or bluesign when buying new sporting goods.
Running USA: Traditional Distance Race Participation Sees Some Recovery
The number of runners registering for organized races in the U.S. was down slightly in 2018, continuing a five-year gradual drawback, according to Running USA’s annual U.S. Running Trends report. On the positive side, traditional distances – including the 5K, 10K, and half marathon – all increased year on year, while non-traditional distances and events drove the decline.
OBIT: FLW Founder Irwin Jacobs
Irwin Jacobs, the founder and CEO of FLW (Fishing League Worldwide) has passed away.
Nike Close To Signing Record Deal With Liverpool
Nike is expected to replace New Balance as the kit supplier of the famed English Premier League soccer club, Liverpool.
Hanesbrands Closing Sock Manufacturing Plant
Hanesbrands is closing a plant in Mount Airy, NC that made Hanes and Champion socks. Approximately 220 employees will be impacted.
Ross Stores Announces Departure Of President And COO
Ross Stores Inc. announced that Michael O’Sullivan, the company’s president and chief operating officer since 2009, has resigned from the company and its Board of Directors effective immediately to accept a position with another company.
The Buckle Sees Slight Comp Gain In March
The Buckle Inc. announced that comparable store net sales for the 5-week period ended April 6 increased 0.5 percent year over year. Net sales remained flat at $82.3 million.
Adidas To Sponsor The Premier Lacrosse League
Adidas has signed a multi-year partnership to become the official athletic footwear and apparel brand of the new Premier Lacrosse League (PLL). The six-team league starts in June.
Asics To Return As Presenting Sponsor Of Los Angeles Marathon
Asics announced a five-year sponsorship deal to return as the official footwear and apparel partner and presenting sponsor of the Los Angeles Marathon beginning in 2020. Skechers Performance, a division of Skechers, took over sponsorship of the marathon in 2016.
Under Armour Earns Upgrade On Improved Profit Outlook
Citigroup on Wednesday upgraded Under Armour on signs that its focus on profits is taking root and will pay off. The upgrade came a day after B. Riley reiterated its “Sell” rating on the stock as that firm’s annual brand survey found Under Armour losing ground to competitors.
James Gatto Settles Damages Claims
James Gatto, the former Adidas executive, agreed to pay $342,438 in restitution to Kansas, Louisville and N.C. State after being convicted on felony charges of wire fraud and conspiracy to commit wire fraud last October.
