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.
Category: Footwear
Canadian Tire Offers Special Support Program For Employees
Canadian Tire Corporation announced that the Canadian Tire Associate Dealers have implemented a temporary special support payment of $2 per hour for all active Canadian Tire store employees.
Modell’s Seeks Suspension Of Bankruptcy Case
Modell’s Sporting Goods is seeking a 45-day suspension in its Chapter 11 case claiming the COVID-19 pandemic has made it impossible to conduct going-out-of-business sales.
Under Armour’s Chief Product Officer To Leave In August
Under Armour Inc. said Kevin Eskridge, chief product officer, will be leaving the company on August 15, 2020 to pursue other interests.
Shoe Carnival’s Q4 Earnings Top Expectations
Shoe Carnival Inc. reported net earnings more than doubled in the fourth quarter as same-store sales grew 3.2 percent. Cliff Sifford, Shoe Carnival’s vice chairman and CEO, said, “Our strong balance sheet and prudent expense management provides us the financial flexibility to keep our steady footing during this challenging economic time.”
Big 5 Withdraws First-Quarter Guidance
Big 5 Sporting Goods Corp., in a regulatory filing, said that it is withdrawing its fiscal 2020 first-quarter guidance due to the “anticipated material negative impact of COVID-19 on the company’s financial results and the uncertainty related to its duration.”
Camping World’s Debt Ratings Lowered
Moody’s Investors Service downgraded the debt ratings of Camping World due to the potential for ongoing softness in the RV market as the coronavirus likely impacts purchases of big-ticket items.
Dick’s Sporting Goods Cuts Salaries And Expenses, Suspends Stock Buybacks
Dick’s Sporting Goods, in a regulatory filing, announced the temporary reduction in the base salaries of certain executive officers in response to the current business environment as impacted by COVID-19. The retailer also said it’s embarking on a “significant reduction” in expenses and planned inventory receipts, reducing planned capital expenditures, temporarily suspending its share buybacks, and evaluating its dividend program.
Neiman Marcus Exploring Possible Bankruptcy
Neiman Marcus is in discussions with lenders about filing for bankruptcy to restructure its heavy debt load, Bloomberg News reported.
Oofos To Donate Footwear To First Responders
Oofos, the recovery footwear manufacturer, announced plans to donate more than 1,000 pairs of shoes to nurses and medical professionals across the country.
Puma Reduces Work Hours For 1,400 Associates
Puma announced that 1,400 associates in Germany would shift to shorter work hours until April 13 as sales slump due to the coronavirus, according to a report from Reuters. Its three top executives will also waive their pay for April.
Deckers Re-Opens Distribution Center
Deckers Brands said that after incorporating enhanced safety protocols, the company has resumed modified operations with limited capacity at its distribution center located in Moreno Valley, CA.
Adidas To Sponsor Bordeaux
France Ligue 1 club Bordeaux will switch its kit supply deal from Puma to Adidas with the start of the 2020/21 season.
Anta Sports Sees First-Half Sales Drop Due To Coronavirus
Anta Sports said it expects a low-double-digit decrease in revenues for the first half of 2020 due to the fallout from the coronavirus, but sales are expected do recover in the second half and growth is still expected for the year.
The Buckle Provides Dividend Update In Response To COVID-19 Outbreak
The Buckle, Inc. announced that at its quarterly meeting of the board of directors, held on March 23, 2020, the Board deferred making a decision on dividend payments until its next regularly scheduled Board meeting. The company also announced that both its Chairman, President and CEO have elected to forgo their salary until such time as normal business operations resume.
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