Target said Brian Cornell agreed to remain in his role as CEO for an additional three years. With Cornell’s commitment, Target’s Board of Directors eliminated its retirement policy, designed to initiate a discussion regarding the possible retirement of its CEO at the age of 65.
Author: SGB Media
Peloton May Face Civil Monetary Penalties Related To Treadmill Recall
Peloton Interactive is facing possible civil penalties over its voluntary recall of the Trend+ treadmill, the connected fitness leader disclosed in a regulatory filing. The Tread+ was taken off the market last year following reports that adults, children, pets, and objects had been pulled beneath the equipment and caused the death of a child.
Slingshot Sports Hires Director Of Marketing
Slingshot Sports, the manufacturer of watersports equipment, hired Jonathan Thesenga as director of marketing.
Rally House Opens Storefront In Cincinnati Area
Rally House opened a new store in Liberty Township, North of Cincinnati, OH.
La Jolla Group Adds Mountain Khakis To Brand Portfolio
La Jolla Group, Inc. announced it added Mountain Khakis to its brand portfolio. The company will provide strategic guidance, back-end oversight and support, including finance, planning, HR, IT, distribution, and logistics.
OBIT: Frank’s Sport Shop’s Moe Stein
Moe Stein, president and the iconic face of Frank’s Sport Shop in Bronx, NY, passed away at the age of 93.
G-III Apparel’s Sales Expand 25 Percent In Second Quarter
G-III Apparel Group, Ltd. reported a strong uptick in earnings in the second quarter ended July 31 as sales grew 25 percent. The apparel maker lowered its guidance for the year due to the macroeconomic climate.
Ammo, Inc. Moves Against Dissident Director
Following last week’s proxy challenge by its largest shareholder and chief strategy officer, Steven Urvan, Ammo, Inc. announced that it had placed Urvan and GunBroker CFO Susan Lokey on administrative leave.
Academy Sports Q2 EPS Exceeds Wall Street Targets
Academy Sports reported earnings in the second quarter came in comfortably ahead of Wall Street expectations. Comps declined 6.0 percent against challenging year-ago comparisons but improved sequentially versus the first quarter. The sporting goods chain reiterated its 2022 full-year net and comparable sales guidance.
Castore Secures New Debt Facility
Castore, the UK sportswear brand, has secured a new £50 million ($63 mm) revolving credit facility (RCF), valuing the company at £750 million ($942 mm).
Newell Brands Lowers Outlook For Q3 And Full Year 2022
Newell Brands, Inc. announced updates to its outlook for Q3 and the full year 2022, reflecting a more challenging than anticipated operating and consumer backdrop.
NSGA Sporting Goods Industry Hall Of Fame Elects Class Of 2023
NSGA Sporting Goods Industry Hall Of Fame announced its Class of 2023, which includes James Clifford Keen, Cliff Keen Athletic; Jeff Lynn, Dunham’s Sports; and Kent McKeaigg, OrderMyGear.
Big Rock Sports Announces President
Big Rock Sports, LLC and parent company Peak Global Holdings, hired David McCartney as president of Big Rock Sports.
Puma IT Executive Joins Jesta I.S.
Jesta I.S., Inc., a developer of modular cloud solutions and ERP for retailers and brand manufacturers, hired Jon Vacca, its chief operating officer.
Li & Fung May Face Debt Ratings Downgrade
Moody’s Investors Service has placed on review for downgrading Li & Fung Limited’s ratings. The review follows the company’s announcement on August 31 that it had completed the sale of LF Logistics Holdings, Ltd. and its various entities to A.P. Moller-Maersk A/S.
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