A source told Bloomberg News that Dick’s had laid off 250 corporate employees as part of the plan. Retail staff were not impacted.
Author: SGB Media
Sunday Afternoons Appoints New CEO
Patrick Mahaffey joins the family-owned brand with extensive sales, operations and leadership experience. Most recently, Mahaffey held the position of president at Good Life, Inc. He replaces outgoing CEO Sarah Sameh.
Academy Sports + Outdoors to Open First Indianapolis Store
The approximately 75,000-square-foot store will sell a wide assortment of sports and outdoors merchandise. The retailer will host a grand opening from August 25-27.
Citi Trends Posts Q2 Loss on 5.3 Percent Comp Decline
Citi Trends reported a wider loss in the second quarter year-over-year as same-store sales fell 5.3 percent. The urban fashion discount chain noted that the quarter marked significant sequential same-store sales improvement from the first quarter while reiterating guidance for the year.
Macy’s Rolls Out Four New Small Format Stores Across West and Northeast
The move marks the first expansion of its small-format locations into the Northeast and Western regions of the U.S., with openings in Boston, Las Vegas and San Diego.
Dick’s SG Axes Outlook on Q2 Profit Shortfall, Blames Inventory Shrink
Dick’s Sporting Goods delivered 1.8 percent same-store growth in the second quarter but profits fell well below Wall Street targets due in large part to shrink. The retailer slashed its earnings outlook for the year on the Q2 shortfall and expected margin pressure in the second half and launched a business optimization program that reportedly includes the layoff of 250 corporate employees.
Macy’s Sees Continued Weakness in Comps; Posts Loss in Second Quarter
The retailer continues to beat Wall Street expectations as it manages through its downward trend. Consolidated comp store sales were down 8.2 percent on an owned basis and down 7.3 percent on an owned-plus-licensed basis.
VF Corp. Appoints Chief People Officer
VF Corporation hired Brent Hyder as chief people officer, effective September 5, reporting to president and CEO Bracken Darrell. He will also serve as a member of VF’s executive leadership team.
Fanatics Partners with Home Shopping Network
Fanatics announced it entered a partnership agreement with the Home Shopping Network (HSN) to sell its fan apparel through HSN across all sports, styles and sizes of league and team merchandise it manufactures.
Pure Fishing Parent Repurchases Distressed Debt
Sycamore Partners, the parent of Pure Fishing, recently repurchased the fishing company’s $255 million second-lien term loan at a significant discount to face value, according to a report from S&P Global Ratings.
Hanesbrands’ Debt Ratings Lowered Due to High Leverage
S&P Global Ratings reduced the debt ratings on Hanesbrands, Inc. due to lower-than-expected sales and declining profitability. The rating agency also said turnaround in the Champion brand would take time as the company focuses on reducing excess inventory and repaying debt this year.
Newell Brands’ Debt Downgraded On Weak Outlook
Moody’s downgraded the debt ratings of Newell Brands due to continued pressure on Newell’s business segments and profitability from weaker consumer demand and inventory destocking, which Moody’s anticipates will continue for the remainder of 2023 and into early next year.
EXEC: Parent of Craft, Cutter & Buck and Tenson AB Sees Q2 Profit Dip as Sales Grow
Based in Kungälv, Sweden, New Wave Group owns a number of apparel brands, including Craft, Cutter & Buck, Ahead, Orrefors and Kosta Boda and recently acquired the Swedish outdoor and lifestyle company Tenson AB.
Happy Socks Names New CEO
Happy Socks hired Alexander Meyer as chief executive officer. Most recently, he was chief customer officer at The Bay, the Canadian department store chain.
Life Time Opens Phase I of Life Time at Penn 1 Project
Life Time has opened phase one of its 54,000-square-foot destination at the redeveloped Penn 1 building, as part of the Penn District, located adjacent to Madison Square Garden in the heart of New York City.
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