The downgrade follows the weaker than expected EBITDA forecasts for the full year 2019 and 2020 as a result of a decrease in new member sales conversion and higher attrition rates. These factors contributed to a sizable decline in membership count and an acceleration in comparable club revenue declines in the third quarter.
Author: SGB Media
Shoptalk And Groceryshop Acquired By Hyve Group
Shoptalk and Groceryshop, popular U.S. conferences in the retail, grocery and consumer packaged goods industries, have been acquired by Hyve Group plc, one of the world’s leading organizers of international exhibitions and conferences, for $145 million.
Vicis To Enter Receivership
Vicis Inc., the high-tech football helmet startup, announced that its board of directors voted to place the company into receivership.
Weav Music Raises Series A Funding
Weav Music, the audio innovation lab helmed by Google Maps co-founder Lars Rasmussen and marketing visionary Elomida Visviki, announced a $5 million Series A financing round. The round was led by King River Capital; global fitness leader Peloton also participated, along with previous investors Passion Capital and Rivet Ventures.
Evolv Gets New General Manager
The Oberalp Group, which owns Salewa, Dynafit, Pomoca, Wild Country and Evolv, has hired William (Bill) Sinoff as general manager of Evolv climbing shoes.
2019 Year In Review: M&A Accelerates Across Active Lifestyle Market
2019 saw consolidation accelerate across the active lifestyle market, but almost as remarkable as the sheer volume of M&A was the variety of deals that closed during the calendar year. Retailers and brands accounted for a majority of transactions, but a host of other privately held and publicly traded businesses pulled the trigger on industry-shifting moves. SGB has the full list from the last 12 months.
Shred Partners With Lanctôt For Canadian Distribution
Shred announced Monday that it has partnered with Lanctôt for the distribution of its action sports eyewear and protection products in Canada.
Dick’s To Close Store In Elk Grove
Dick’s Sporting Goods is closing its store in Elk Grove, CA, according to the Sacramento Business Journal. The location was converted from a Sports Authority in 2017.
DPS Skis Partners With Madison Rose Ostergren
DPS, the maker of skis, signed former NCAA Division I standout alpine ski racer Madison Rose Ostergren to an athlete contract.
Killer Instinct Retains Summit Outdoor Sales
Killer Instinct, a leading manufacturer of performance crossbows and crossbow accessories, announced Summit Outdoor Sales to represent the brand in key territories with independent retailers. Summit will be responsible for sales and service in Midwest, Northeast, TALO and Southeast regions.
Race-Mania Summit And Expo Returns To Boston On March 15, 2020
Sun Multisport Events announced registration is now open for the 2020 Race-Mania Summit & Expo taking place on Sunday, March 15, 2020 at the Boston University Fit Rec Center in Boston, MA. Designed to educate, equip and inspire endurance athletes on the eve of a new season, Race-Mania features top speakers, informational and inspirational seminars, hands-on clinics and workshops; competitive events; and a vendor expo with 85+ sponsors and exhibitors.
Spokane’s Mountain Gear To Close
Mountain Gear in Spokane, WA, is closing after 37 years in operation. The retailer blamed online competition.
2019 Bankruptcy Blotter
Payless ShoeSource, Shopko, Barneys and Fred’s led a number of companies that landed in bankruptcy court in 2019. Other filings included Skins, Campus Den, Loot Crate and Mad Dogg Athletics.
Amazon Expands Free Returns To Cover More Items
Amazon is expanding its free returns policy to include electronics, pet supplies, household items, kitchen appliances and more. Previously, only apparel, footwear and bedding were eligible.
CBRE Forecasts Online Returns Could Total As Much As $41.6 Billion This Holiday Season
Retailers and shippers this holiday season will handle more returns than ever of goods bought online, illustrating a costly drawback to e-commerce’s growth that the industry is working hard to contain, according to a new report from CBRE.
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