Stage Stores Inc. announced a series of steps the company is taking to reduce costs and preserve liquidity in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic.
Author: SGB Media
Kohl’s Furloughs Workers Amid Extended Store Closures
Kohl’s said it will temporarily furlough store and store distribution center associates, as well as some corporate office associates, whose work has been significantly reduced by the store closures. Kohl’s also announced that it will extend the duration of its temporary store closures until further notice.
USA Cycling Sees 30 Percent Revenue Decline In 2020
USA Cycling said it made the difficult but necessary decision to reduce its staff size by 15 percent and place an additional 25 percent on furlough for two to four months in anticipation of a 30 percent revenue reduction due to the COVID-19 coronavirus pandemic.
Macy’s Continues Store Closures, Announces Furloughs
Macy’s Inc. announced that its stores, which have been closed since March 18 due to the coronavirus, will remain closed until “we have a clear line of sight on when it is safe to reopen.” The company also announced that the “majority” of its employees will go on furlough beginning this week.
Vail CEO Donates $2.5 Million To Support Employees, Mountain Communities
Vail Resorts’ CEO, Rob Katz, and his wife, Elana Amsterdam, announced a donation of more than $2.5 million to provide immediate support for both Vail Resorts employees and the mountain towns where the company operates.
Danskin Helps Drive Q4 Growth For Iconix Brand Group
Iconix Brand Group Inc. reported a strong improvement in earnings on an adjusted basis in the fourth quarter due to lower expenses and a small gain in revenue. The gains were helped by a sharp improvement in the Women’s segment led by the Danskin and Rampage brands.
Snow Sports Specialty Channel Coping With Lost Spring
With ski resorts emptied and shops shuttered because of the coronavirus, what should be a booming season for snow sports specialty retailers has become the spring of their discontent. The channel is seeking ways to cope, but there’s no playbook for navigating this uncharted, unprecedented crisis.
Grassroots Outdoor Alliance Cancels June Connect Show
Grassroots Outdoor Alliance has canceled its Grassroots Connect show scheduled for June 12-15 in Knoxville, TN due to the coronavirus. The association will move ahead with a collaborative digital framework to support the spring buying cycle during the month of June.
Tilly’s Inc. Announces Additional Actions In Response To COVID-19
In an effort to further improve its financial position and liquidity in light of the COVID-19 pandemic, Tilly’s announced that it has borrowed the maximum available under its credit facility and furloughed all non-management store associates and a portion of its corporate office staff.
S&P Lowers Debt Ratings On Kohl’s And Nordstrom
Standard & Poors (S&P) lowered its debt ratings on Kohl’s Corp. and Nordstrom Inc. due to the coronavirus impact and related economic uncertainty.
Bass Pro’s Flagship In Springfield Closes Temporarily
Bass Pro Shops’ flagship store in Springfield, MO is temporarily closing amid the Coronavirus pandemic due to new stay-at-home orders in the state. The retailer already noted that it had reduced hours and limited access to 25 customers at a time.
Kathmandu Shutters Locations, Rolls Out Cost-Containment Efforts
Kathmandu Holdings Ltd said its New Zealand retail stores and distribution centers were closed on March 24 and is in the process of closing its Australian stores as a result of the coronavirus. The company also introduced a number of steps to conserve liquidity and streamline the business in the current environment.
Modell’s Bankruptcy Suspended Due To Coronavirus
Modell’s Sporting Goods’s bankruptcy proceedings were suspended until April 30 after COVID-19 restrictions temporarily shuttered stores to prevent going-out-of-business sales.
Li-Ning’s Sales Expand 32 Percent In 2019
Li-Ning reported net earnings vaulted 110 percent in its year ended December 31 as revenues increased 32 percent.
Under Armour Draws Down Revolver
Under Armour said in a regulatory filing that it borrowed $700 million under its credit facility as a precautionary measure in order to increase its cash position and preserve liquidity given the uncertainty in global markets resulting from the COVID-19 outbreak.
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