Moody’s assumes Amer Sports’ revenue in 2020 will decline over 20 percent year-on-year due to the worldwide spread of the coronavirus outbreak, particularly across Europe and North America. The ratings agency cited Amer’s products are “highly discretionary” and current restrictions on many traveling and sports activities.
Author: SGB Media
Wolverine World Wide’s Debt Ratings Outlook To Negative; Liquidity Rating Downgraded
The ratings agency said the outlook change to negative reflects the risk that a prolonged downturn triggered by the rapid spread of the coronavirus (COVID-19) will pressure Wolverine’s revenue and profitability, as well as its ability to reduce leverage over the near-to-intermediate term.
Hanesbrands’ Debt Ratings Outlook Lowered To Negative
Moody’s rating outlook for Hanesbrands Inc. the parent of Champion, was changed to negative from stable to reflect the uncertainty caused by the coronavirus spread. Moody’s wrote, “The apparel sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.”
NSSF Donates $25,000 In Support of Newtown And Region’s Virus Responders
The National Shooting Sports Foundation, the trade association for the firearm industry based in Newtown, CT, has made donations totaling $25,000 to three groups supporting the health and welfare of Newtown residents in response to the COVID-19 pandemic.
The Buckle Furloughs Most Employees, Extends Store Closures
The Buckle Inc. announced Monday that it will furlough the majority of its employees effective April 5, and will extend the closure of all brick & mortar stores indefinitely.
Adidas Ends Share Buyback Program For Rest Of 2020
Adidas AG announced that, due to the coronavirus, it would formally stop the repurchasing of Adidas shares for the remainder of the year.
Skirt Sports Exploring Sale
Skirt Sports, the Boulder-based women’s running apparel brand, has retained Bell Lap Advisors, the M&A advisory firm, to explore new ownership.
G-III Apparel Undergoes Furloughs, Reduces Exec Salaries
G-III Apparel Group Ltd. said that in response to the COVID-19 outbreak, it will be furloughing approximately 60 percent of its wholesale operations segment, effective April 6, 2020.
Asics Opens Access To Asics Studio Workout App
Asics has opened access to the Asics Studio at-home workout app to anyone free of charge as part of its response to COVID-19.
NPD: Athletic Footwear Sales Tumble In Week Ending March 21
Athletic footwear sales were down 65 percent in the week ending March 21, according to The NPD Group. Sport lifestyle and skate, the categories that were trending the best before the pandemic, also each declined by more than 60 percent.
J.C. Penney Furloughs Majority of Employees, Extends Store Closures
J.C. Penney Co. announced it will extend the temporary closure of its stores and business offices due to the coronavirus As a result of its store closures, J.C. Penney said it would temporarily furlough the majority of store hourly associates beginning April 2.
Goal Zero’s Demand Soars Amid Coronavirus
Goal Zero is one company that has seen a surge in demand for its products amid the coronavirus pandemic. SGB Executive looks at the drivers behind these the portable power brand’s soaring sales and the supply chain challenges it’s overcoming.
Dick’s Sporting Goods Amends Credit Line
Dick’s Sporting Goods amends the company’s senior secured revolving credit facility arrangement to have $2.1 billion in aggregate commitments, up from a prior level of $1.6 billion.
Under Armour Shareholder Lawsuit Over Port Covington Land Purchase Dismissed
A federal court in Maryland dismissed a shareholders lawsuit against Under Armour and its founder, Kevin Plank, over the acquisition of land in Baltimore’s Port Covington area for its new headquarters.
Bass Pro’s Debt Ratings Outlook Lowered To Negative
Moody’s changed its debt rating of Bass Pro Group, L.L.C. to negative from stable. The change in outlook to negative from stable reflects the risk that Bass Pro’s credit metrics may weaken on a sustained basis as a result of recessionary conditions and declines in discretionary consumer spending.
SGB Today
Active Lifestyle Market Product and Brand Marketing Stories from SGB PRO PR and SGB Premium PR Partners
Post your Product or Marketing News in the SGB PR Portal