J.C. Penney, which filed for bankruptcy protection on Friday, plans to close 242, or 29 percent, of its 846 stores over the next two years, according to a filing with the Securities and Exchanges Commission.
Author: SGB Media
Running Industry Association Survey Reveals Brands’ Struggles
The Running Industry Association (RIA) surveyed key specialty run brands across multiple product categories to create a clear snapshot of the challenges facing brands during the COVID-19 crisis, and the results reveal some troubling statistics for many.
Early Summer Months Looking Grim For Southeast Destinations
Approximately two months after destination resorts scattered throughout the Southeast were expected to launch their all-important summer season, widespread uncertainty due to the Covid-19 pandemic have brought destination visits to participating resorts to an almost virtual halt, according to DestiMetrics and Inntopia.
Footwear Sales Show Steep Decline In April
Hoka One One and On Running ran counter to the market by generating gains in April despite sharp declines overall due to store closures in response to the pandemic, according to The NPD Group.
Solid Winter Ski Season Ends With A Thud At Western Mountain Resorts
Just six weeks after the winter season was abruptly ended on March 15 in the wake of complete ski resort closures mandated by the COVID-19 pandemic, mountain destinations “officially” ended the 2019-20 ski season at the end of April. As mountain towns emptied out quickly, lodging properties in six western states ended the season on a disappointing note, according to DestiMetrics in their monthly Market Briefing from Inntopia.
Cycling Sales Surge In First Quarter
Cycling sales increased 31 percent to $1.3 billion in the first quarter of the year, according to NPD. More than half of those sales dollars came in March as stay-at-home orders arrived across the country.
Centric Brands Files For Bankruptcy
Centric Brands Inc., the apparel and accessories licensing firm, voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to execute a debt restructuring.
Monte Rosa Sports Acquires Odlo International
Monte Rosa Sports Holding has acquired Swiss-based apparel specialist Odlo International and its subsidiaries from Herkules Fund III.
The TJX Cos Moves Annual Meeting To Virtual
The TJX Cos. Inc. today announced that it will hold its 2020 annual meeting of shareholders virtually due to the ongoing public health impact of the COVID-19 pandemic and to support the health and safety of the company’s shareholders, associates, directors and communities.
Major League Soccer And US Youth Soccer Enter Strategic Partnership
US Youth Soccer (USYS) is pleased to announce that it has agreed to a strategic partnership with Major League Soccer (MLS) in a groundbreaking alliance bolstering player development in the United States.
Dow Appoints Univar Solutions As Exclusive Distributor Of Vorasurf
Univar Solutions Inc., a global chemical and ingredient distributor, announced today that it has been appointed the exclusive distributor of Vorasurf Silicone Polyurethane Additives from Dow across North America.
M&A Remains On VF Corp.’s Radar Amid Crisis
VF Corp. missed fiscal fourth-quarter earnings and revenue estimates and now faces a soft retail demand environment, but the company remains resolute about pursuing M&A amid this challenging economy. We look at how VF’s financial strength and appetite for adding assets has set the stage for a deal.
Active Brands Become “Bright Spots” For Sequential Brands In Q1
Sequential Brands Group’s first-quarter results were impacted by store closures due to the COVID-19 outbreak. However, its active brands – including AND1, Avia, Gaiam and SPRI – were cited as “bright spots” as consumers look to stay active at home amid lockdown measures.
Nike And Adidas Among J.C. Penney’s Top Unsecured Trade Creditors
Nike was left with an unpaid bill of $32.1 million in the bankruptcy of J.C. Penney, according to court documents. Other firms in the active lifestyle space landing on the list of the top-50 unsecured creditors included Adidas, owed $7.1 million; Supreme International, $5 million; Izod, $4.6 million; and New Balance, $3.2 million.
Under Armour Names Mohamed A. El-Erian As Lead Independent Director
Under Armour, Inc. announced that Mohamed A. El-Erian, a board member since 2018, has been appointed lead independent director of the company’s Board of Directors. El-Erian succeeds A.B. “Buzzy” Krongard, who has served in the lead director role since 2006.
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