Moody’s downgraded the debt ratings of Topgolf International over concerns that the coronavirus outbreak will hamper its ability to operate its venues until the spread of the virus subsides.
Author: SGB Media
Jack Wolfskin North America Announces New U.S. Online Store
Jack Wolfskin North America, the German-founded and Callaway Golf Co.-owned producer of outdoor apparel and gear, announced the launch of its U.S. online store.
Puma Close To Signing Raheem Sterling
Puma is reportedly close to signing Raheem Sterling, the Manchester City soccer star, to a record-breaking endorsement to become the face of the brand’s soccer strategy. Sterling is currently with Nike.
Wanda Sports’ Revenues Slide In 2019, Warns On COVID-19 Impact
Wanda Sports Group Co., the China-based owner of Ironman, the Rock ’n’ Roll Marathon series, Cape Epic mountain biking event, reported total revenue was €1.03 billion (US$1,156.5 million) in 2019, a decrease of 9 percent compared with 2018. The company also warned that by April 2020, substantially all of its sports events had been canceled or postponed “and it is currently unclear when these sport events will resume.”
Theragun Rebrands To Therabody
Theragun, the maker of hand-held percussive therapy devices, announced its rebranding to Therabody. The change comes as the company announced plans to launch a USDA certified organic CBD line, TheraOne, as well as Theragun’s 4th generation percussive massage devices.
Newell’s Outdoor Brands Crushed As Consumers Shelter In Place
Without places for consumers to recreate or easily buy gear and apparel during the coronavirus, outdoor brands have gotten crushed in the process. And Newell Brands—parent of Coleman and Marmot—is the latest to publicly announce just how bad things have gotten in this space.
Shoe Carnival Begins Initial Store Re-Openings
Shoe Carnival re-opened 122 stores on May 1 and 62 on May 4.
J. Crew Files For Chapter 11 Bankruptcy
J. Crew Group Inc., as expected, on Monday filed for Chapter 11 bankruptcy protection in federal bankruptcy court in the Eastern District of Virginia. The retailer said it had reached a deal with its lenders to convert about $1.65 billion of debt into equity.
Trump Threatens New China Tariffs
President Donald Trump threatened to impose further tariffs to punish China for its handling of the pandemic.
Adidas Countersues Louisville Basketball Recruit’s Father
Adidas filed a counter-lawsuit against former five-star recruit Brian Bowen II’s father, a former grassroots consultant and a financial advisor. The suit charges the three worked with Adidas employees to funnel money to the families of high school basketball prospects while evading detection by others in the company.
Apex Global Brands Posts Loss In Q4
Apex Global Brands, the parent of Hi-Tec and Cherokee, reported a net loss of $1.1 million in the fourth quarter ended February 1 compared to net income of $0.2 million a year ago. Revenues declined to $5.5 million from $6.1 million.
DSW-Parent Provides Financial Liquidity Update
Designer Brands Inc., the parent of DSW, announced the amendment of its $400 million revolving line of credit. This amendment, coupled with support received from vendor partners and landlords, helps to fortify the company’s near-term liquidity as it addresses the continuing impacts of COVID-19 and begins to reopen stores in select geographies.
Clarus Terminates SKB Acquisition
Clarus Corp. said it canceled its planned acquisition of protective Case Maker S.K.B. Corp. due to uncertainties created by the COVID-19.
New Balance Donates To Hope For The Warriors
New Balance made a $35,000 donation to Hope For The Warriors to fund sports programming for children of military service members in honor of Armed Forces Day.
Eighty Percent Of Golf Courses Expected To Be Open By May 3
Fifty-eight percent of golf courses in the U.S. were open for play in the week ended April 26 with 80 percent expected to be open by May 3, according to the National Golf Foundation’s most recent COVID-19 survey.
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