Pou Chen Corp., the world’s largest maker of athletic shoes, has been ordered to suspend production at its Pouyuen Vietnam business over COVID-19 concerns, Vietnamese state media reported.
Author: SGB Media
Slinger Bag Signs Japan Distribution Agreement
Slinger Bag Inc., the maker of tennis ball launchers, announced its inaugural global distribution agreement with the Japanese sporting equipment distributor, Globeride Inc.
Capstone Precision Group Appoints Dan Thelen President
Capstone Precision Group appointed Dan Thelen president. Thelen has been general manager of Capstone’s Mesa, AZ operations, which includes Berger Bullets and Berger Ammunition.
Hanesbrands Debt Rating Outlook Lowered
S&P Global Ratings revised its outlook on Hanesbrands Inc., the parent of Champion, to negative from stable. The rating agency said Hanesbrands will face significant sales and profitability declines in the upcoming quarters due to store closures and a drop in consumer spending on nonessential items arising from COVID-19 and resulting in an economic recession.
J.C. Penney’s Debt Rating Downgraded
Moody’s Investors Service downgraded J.C. Penney’s debt ratings and lowered its rating outlook to negative as the widespread store closures as a result of the pandemic is expected to pressure J.C. Penney’s EBITDA, impede its turnaround strategy and weaken its leverage.
Macy’s Retains Lazard To Explore Financing Options
Macy’s Inc. has retained the investment banking firm Lazard to help manage its liabilities and explore options that could include new financing, sources told Reuters. The sources added that no debt restructuring is imminent.
NSSF: Firearm Industry Economic Impact Soars
The total economic impact of the firearm and ammunition industry in the U.S. increased from $19.1 billion in 2008 to $60 billion in 2019, a 213 percent increase, according to a report released April 13 by the National Shooting Sports Foundation (NSSF).
Planet Fitness, iFit Announce Partnership To Stream Workouts
Planet Fitness Inc. announced a partnership with iFit, a provider of streaming home workouts and interactive connected fitness technology.
Survey: Americans Apprehensive About Returning To Gym
A new survey from Morning Consult finds 21 percent of Americans do not expect to feel comfortable going back to a gym for at least six months. Another 41 percent were not sure when they would feel comfortable, or offered no opinion.
ClubReady And Cross River Bank Partner To Provide Assistance To Fitness Studios
ClubReady, the provider of full-suite studio fitness and wellness club management software, and Cross River Bank, a provider of banking services for technology companies, announced a new partnership to offer access to Paycheck Protection Program (PPP) loans to its fitness studio customers.
Ebay Names Jamie Iannone Chief Executive Officer
Ebay Inc. announced that the company’s Board of Directors has appointed Jamie Iannone as chief executive officer. Most recently, Iannone was chief operating officer of Walmart eCommerce.
Burlington Stores Furloughs Nearly All Store And Distribution Center Workers
Burlington Stores Inc. said Monday that it has furloughed nearly all of its store associates and distribution center employees. Burlington’s CEO, Michael O’Sullivan, will not take a salary, the company’s Board of Directors will forfeit their cash compensation, and the company’s executive leadership team has voluntarily agreed to decrease their salary by 50 percent.
Nearly 3 of 4 Americans Say They Won’t Attend Games Without Coronavirus Vaccine
Asked what they would do if the leagues resumed play before the development of a vaccine, 72 percent of Americans said they would not attend games, according to a survey released by Seton Hall University’s Stillman School of Business.
Head North America Announces Senior Management Promotions
Head North America promoted Joe Keenan to VP of sales, USA.
Callaway Golf’s Debt Ratings Lowered
Standard & Poors Corp. lowered all of its debt ratings on Callaway Golf by one notch to ‘B+’ and placed them on CreditWatch with negative implications. The change was due to its expectation a “severe slowdown in economic activity and consumer spending” as a result of the COVID-19 pandemic will reduce Callaway’s sales and EBITDA.
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