S&P Global Ratings revised its outlook on Hanesbrands Inc., the parent of Champion, to negative from stable. The rating agency said Hanesbrands will face significant sales and profitability declines in the upcoming quarters due to store closures and a drop in consumer spending on nonessential items arising from COVID-19 and resulting in an economic recession.
Category: Footwear
J.C. Penney’s Debt Rating Downgraded
Moody’s Investors Service downgraded J.C. Penney’s debt ratings and lowered its rating outlook to negative as the widespread store closures as a result of the pandemic is expected to pressure J.C. Penney’s EBITDA, impede its turnaround strategy and weaken its leverage.
Macy’s Retains Lazard To Explore Financing Options
Macy’s Inc. has retained the investment banking firm Lazard to help manage its liabilities and explore options that could include new financing, sources told Reuters. The sources added that no debt restructuring is imminent.
Ebay Names Jamie Iannone Chief Executive Officer
Ebay Inc. announced that the company’s Board of Directors has appointed Jamie Iannone as chief executive officer. Most recently, Iannone was chief operating officer of Walmart eCommerce.
Burlington Stores Furloughs Nearly All Store And Distribution Center Workers
Burlington Stores Inc. said Monday that it has furloughed nearly all of its store associates and distribution center employees. Burlington’s CEO, Michael O’Sullivan, will not take a salary, the company’s Board of Directors will forfeit their cash compensation, and the company’s executive leadership team has voluntarily agreed to decrease their salary by 50 percent.
Nearly 3 of 4 Americans Say They Won’t Attend Games Without Coronavirus Vaccine
Asked what they would do if the leagues resumed play before the development of a vaccine, 72 percent of Americans said they would not attend games, according to a survey released by Seton Hall University’s Stillman School of Business.
Diane Pelkey Joins Chewy
Diane Pelkey, the former long-time SVP of communications at Under Armour, has been appointed head of communications and PR at Chewy, the online pet products retailer.
Endurance Sports Coalition Unites 475 Organizations To Secure COVID-19 Relief
The Endurance Sports Coalition, a coalition of endurance sports industry participants advocating for COVID-19 relief, has grown to more than 475 members across the running, triathlon, multi-sport, obstacle course and cycling event industries.
Academy Sports Said It Remains Open As Essential Retailer
In an update, Ken Hicks, CEO of Academy Sports + Outdoors, said Academy Sports has been deemed an essential retailer by CISA in most of its markets and the majority of its stores remain open.
Columbia Sportswear Furloughs 3,500 Retail Workers
Columbia Sportswear has furloughed 3,500 retail workers and reduced their pay by 75 percent. A restructuring also led to some downsizing at the corporate level.
Less than Half Of U.S. Golf Courses Remain Open
As of the end of last week, 44 percent of the nation’s golf courses were still allowing play, down slightly from the previous week, according to research from the National Golf Foundation (NGF).
Yue Yuen’s March Revenues Were Down 24 Percent
Yue Yuen reported sales slumped 23.6 percent in March, improving on the rate of decline seen in February.
New Balance Undergoes Furloughs
New Balance has decided to furlough a “portion” of its retail, factory and office workers because of the coronavirus pandemic. The decision will not impact factory workers in Lawrence, MA and Norridgewock, ME who are producing general use face masks for first responders.
Canadian Tire Donates $5 Million For Canada’s Frontline Healthcare And Community Workers
Canadian Tire Corp. launched the C$5 million Canadian Tire COVID-19 Response Fund to help Canadians and communities respond to the current COVID-19 pandemic.
The Buckle’s March Sales Tumble 50 Percent
The Buckle Inc. announced that total net sales for the 5-week fiscal month ended April 4, 2020, decreased 50.2 percent. As previously announced, Buckle closed all brick & mortar stores due to the COVID-19 pandemic for an indefinite period beginning March 18, 2020.
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