Nordstrom Inc. said it was suspending its dividend, drawing down $800 million from a loan facility, and suspending its share buyback program in response to the “rapidly changing market uncertainty” from the COVID-19 pandemic.
Category: Footwear
VF Corp. Withdraws Guidance, Draws Down $1 Billion From Credit Facility
VF Corp. said it has drawn down $1 billion from its revolving credit facility “in an abundance of caution and as a proactive, precautionary measure” in response to the coronavirus. The company also withdrew its guidance for 2020.
A&G Realty Partners Begins Marketing Of 137 Modell’s Store Leases
A&G Real Estate Partners (A&G) has begun marketing 137 Modell’s Sporting Goods store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia in connection with the 111-year-old retailer’s voluntary Chapter 11 bankruptcy filing and liquidation.
Nike Promotes Social Distancing In Ad To Promote Workout App
On Saturday, Nike released a new ad campaign to express the importance of social distancing during the coronavirus pandemic. The campaign also promotes the brand’s workout app and timed with the announcement that programming is now accessible to users free of charge.
Foot Locker Increases Cash Position In COVID-19 Pre-Caution
Foot Locker Inc. said in a regulatory filing that it borrowed $330 million under its revolving credit facility. The retailer said the borrowings were made as a precautionary measure to increase its cash position and preserve financial flexibility in light of the uncertainty in the global markets resulting from the COVID-19 pandemic
Hibbett Sports Delivers 4 Percent Q4 Comp Gain
Hibbett Sports Inc. reported earnings on an adjusted basis, slid 14.5 percent in the fourth quarter, missing Wall Street’s guidance. Same-store sales grew 4 percent, its fifth consecutive quarter of comparable sales growth. The chain is not providing 2020 guidance due to the coronavirus. Mike Longo, CEO, said, “We believe we have ample liquidity and financial flexibility to navigate this period of uncertainty while positioning Hibbett for future success.”
New Balance Closes Stores, Offices And Factories Amid Coronavirus Concerns
New Balance is temporarily closing its offices, factories and owned stores in the United States, Canada and Western Europe from March 16 until at least March 27 in response to the COVID-19 pandemic.
WSL Cancels Or Postpones All Events Through May
Due to the continued evolution of the COVID-19 pandemic, the World Surf League (WSL) is postponing or canceling all events, at all levels of competition, through the end of May.
Kohl’s Announces Temporary Closure Of Stores Nationwide
Kohl’s announced on Thursday that as the result of the escalating COVID-19 pandemic the company will temporarily close its stores nationwide effective Thursday, March 19 at 7 p.m. local time.
Dunham’s Sports Taking Precautionary Measures To Combat COVID-19
Dunham’s Sports said it taking extra safety measures in response to the coronavirus outbreak. The steps include an enhanced cleaning and sanitization schedule at all stores, directing staff to stay home if they are showing any flu-like symptoms, and increasing staffing levels in high traffic areas to reduce wait time.
Academy Sports Adjusts Hours For Extra Cleaning
Academy Sports & Outdoors said that effective Wednesday, March 18, 2020, it updated its store hours to allow additional time for intensive cleaning in response to the coronavirus.
Caleres Provides Update On COVID-19
Caleres Inc. has elected to close its remaining Famous Footwear locations as part of its ongoing response to the spread of COVID-19. The company is withdrawing its 2020 financial guidance and reducing capital expenditures and operating expenses.
Under Armour Pledges Up To $2M For Community Support
Under Armour is donating $1 million to Feeding America to support hunger relief efforts as a result of current school closures and quarantines. The brand also pledged to donate up to $1 million in a combination of monetary donation and product to Good Sports as part of a 30-day Healthy at Home fitness challenge.
Dick’s To Close For Two Weeks
Ed Stack, Dick’s Sporting Goods’ CEO, announced that the retailer will close its locations from March 19 until April 2 “in support of the nation’s efforts to stop the spread of COVID-19.” In a regulatory filing, Dick’s also said it has experienced a “significant reduction in customer traffic and demand” since March 10 and was withdrawing its guidance for the year.
Amazon Warehouses Will Stop Accepting Non-Essential Items Amid Covid-19 Outbreak
Amazon is stopping sellers from sending non-essential items to its U.S. warehouses until April 5 to make space for vital items needed by its customers during the coronavirus outbreak.
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