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.
Category: Apparel
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.
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.
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.
Ross Stores To Cancel Orders Through Mid-June
Ross Stores in a letter to vendors on Thursday said it would cancel all merchandise purchase orders through June 18 as a result of the impact of the coronavirus on sales.
City Of Fresno Declares Sporting Goods Essential Retail
Sporting goods stores in Fresno, CA have been allowed to reopen as essential businesses, city leaders announced. Officials said many of the stores sell essential items including food, water, emergency supplies, ice, food storage, propane, and cooking supplies.
Fanatics Partners With MLB To Make Masks And Gowns For Health Professionals
Fanatics in a partnership with Major League Baseball has halted jersey production efforts and is repurposing its 360,000-square-foot manufacturing plant in Easton, PA to immediately begin making masks and gowns. The items will be made with the exact same jersey fabric that the players wear on the field.
USA Triathlon Statement On Postponement of Tokyo Olympics
USA Triathlon issued a statement in response to the International Olympic and Paralympic Committees’ respective announcements that the Olympic and Paralympic Games Tokyo 2020 will be postponed to 2021 due to ongoing logistical and public health concerns surrounding the COVID-19 global pandemic.
U.S. Road Race Participation Declines 2.7 Percent For 2019
The number of runners registering for organized races in the U.S. was down slightly in 2019, continuing a six-year gradual drawback of mass participation in recreational road racing. According to Running USA data analysis, the industry peaked in 2013, when 19 million runners crossed the finish line at U.S. running events over all distances.
Tultex Producing Face Masks For The Healthcare Industry
Tultex, an apparel brand under TSC Apparel, is redirecting its efforts to produce face masks for the healthcare industry amid the widespread shortage.
Nordstrom To Extend Store Closures Another Week
Nordstrom Inc. announced it will extend its temporary store closure for at least one week through April 5. The retailer also said its top leaders will decline their salary from April through September and a portion of corporate employees will be furloughed starting April 5 for six weeks.
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