Moody’s Investors Service said it reduced its debt rating outlook on Varsity Brands, the parent of Varsity Spirit, Herff Jones and BSN Sports, to negative from stable. The rating agency said the change reflects the company’s high financial leverage amid school closures across the U.S. in response to the coronavirus and the uncertainty around the duration of the outbreak and pace of re-openings once the pandemic subsides.
Author: SGB Media
Nike Names Ann Hebert VP, GM Of North America Geography
Nike Inc. announced senior leadership changes to continue accelerating growth in its flagship market. Effective June 1, Nike veteran Ann Hebert, vice president of global sales, will become vice president, general manager of North America Geography, succeeding long-time executive Tom Peddie who is retiring from Nike.
Dick’s Seeing ‘Significant’ Traffic Decline Due To COVID-19
In an update on the impact of COVID-19, Dick’s Sporting Goods Inc. said it has seen a “significant reduction in customer traffic and demand” since March 10 resulting from the continued spread of COVID-19, although online growth has accelerated. The retailer also said with moves to bolster its cash position and expand its borrowing capacity, it will “be able to continue operations for several months, even with stores remaining closed.”
G-Form Pivots Rhode Island Manufacturing Facility To Face Shield Production
G-Form LLC, which makes personal protective gear for team sports athletes, outdoor enthusiasts and military/tactical personnel, announced that it has dedicated its North Smithfield, RI, manufacturing facility, Polyworks, to the production of ANSI/ISEA Z87 D3 personal protective equipment (PPE) face shields.
Play It Again Sports Parent Sees Modest Q1 Earnings Gain
Winmark Corp. reported earnings of $7.33 million, or $1.87 per share, in the first quarter ended March 28 against $7.28 million, or $1.73, a year ago, representing a gain of 0.7 percent. According to Winmark’s recently-filed 10K, Play It Again Sports’ 2019 system-wide sales were $227 million across its 280 locations.
Adidas Approved For $3.3 Billion Loan From German Government
Following the severe impact on its business from the coronavirus pandemic, Adidas on Tuesday received the approval from the German government to participate in KfW, Germany’s state-owned development bank. The company will receive €3 billion (US$3.3 billion) at customary market conditions to bridge this unprecedented situation.
Icebreaker Names Cameron Walker GM, North America
Icebreaker, a VF Corp. brand, this week announced that Cameron Walker has been named general manager, Icebreaker North America.
Superfeet Worldwide Offers Drop-Shipping And Robust Affiliate Programs
Superfeet is rolling out two new programs to help support their specialty retail partners during this challenging time.
Behind The Deal: Why Exxel Outdoors Proceeded With Latest Acquisition
Exxel Outdoors announced its acquisition of outdoor apparel and gear brand Compass 360 during an unlikely time for U.S. business expansion. Exxel CEO Harry Kazazian spoke exclusively with SGB Executive about the company’s reasons for moving forward with the deal despite the economic uncertainty.
Delta Apparel Shifts Production To Produce Cotton Face Masks
Delta Apparel Inc. announced that it will leverage its manufacturing facilities to begin producing cotton face masks.
Fitbit To Study The Role Of Wearables to Detect, Track And Contain Infectious Diseases
Fitbit is collaborating with The Scripps Research Institute and Stanford Medicine on research aimed at using Fitbit data to help detect, track and contain infectious diseases like COVID-19.
Dick’s Announces Proposed Offering Of Convertible Senior Notes
Dick’s Sporting Goods Inc. announced its intention to offer $500 million aggregate principal amount of convertible senior notes due 2025 in a private offering.
Exxel Outdoors Acquires Outdoor Apparel And Gear Brand Compass 360
Broomfield, CO-based Exxel Outdoors announced it has completed the acquisition of Compass 360, an outdoor apparel and gear company. Financial terms of the deal weren’t disclosed.
Outdoor Recreation Roundtable Appoints Lindsey Davis To VP
The Outdoor Recreation Roundtable (ORR) announced it has hired Lindsey Davis to the role of vice president.
Vicis Acquired By Innovatus Capital Partners
Vicis, the high-tech football helmet startup that went into receivership in December, has been acquired by Innovatus Capital Partners, New York City investment firm that recently invested in Schutt Sports.
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