In an interview on CNBC, L.L.Bean CEO Stephen Smith contended that the recently passed $2 trillion stimulus package does not address “middle market retail” companies such as his.
Author: SGB Media
Vail Resorts Announces Furloughs, Salary Reductions, Capex Deferrals
Vail Resorts Inc. provided an update on its response to the evolving impact of COVID-19 on its business, including expense control measures such as furloughing some hourly employees, reducing some salaries and reducing capital expenditures by $85 million.
Firearms Background Checks Surge 41 Percent In March
The FBI completed 3.7 million gun background checks in March, up 41 percent from March 2019 and the highest monthly total since the National Instant Criminal Background Check System (NICS) began in 1998.
Thule Warns Of ‘Material Financial Impact’ To Business In 2020
Thule Group AB, in a statement released today, that the “rapidly developing global situation related to the coronavirus has led to a more negative view of the effects on the business, with the conclusion that there will be a material financial impact in 2020.”
March M&A Roundup: Public Companies Make Moves Before Deals Dry Up
Three public companies—Compass Diversified Holdings, Sportsman’s Warehouse Holdings Inc. and Clarus Corp.—announced key acquisitions last month before the coronavirus all but stopped M&A activity. Most of the transactions that were announced came in the first half of March before social distancing took hold, the stock market collapsed, and businesses began shuttering operations and laying off employees.
IAF Urges Solidarity In Apparel Supply Chain
The International Apparel Federation (IAF) called on the apparel supply chain and its stakeholders to enact sufficient supply chain solidarity in the face of the coronavirus crisis.
Columbia Sportswear CEO Tim Boyle Cuts Own Salary To $10K, Employees To Receive Regular Pay
Tim Boyle, president and CEO of Columbia Sportswear, will be reducing his annual salary to $10,000. The company plans to continue to offer regular pay to its employees, including those at stores, during the COVID-19 pandemic.
Amer Sports’ Debt Ratings Downgraded
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.
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.
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