Moody’s Investors Service downgraded the debt rating as SP PF Buyer LLC, which does business as Pure Fishing. The rating agency said the downgrade reflects Pure Fishing’s “unsustainable capital structure” and the fallout from the coronavirus outbreak.
Category: Outdoor
Sporting Goods Leaders Rank High For Transparency
Adidas, Nike, VF Corp, Patagonia and Puma ranked among the world’s most transparent major fashion brands, according to the 2020 Fashion Transparency Index from the campaign group Fashion Revolution.
Bass Pro’s Johnny Morris Donates 1 Million Face Masks To Healthcare Workers
Convoy of Hope, a not-for-profit supporting disaster relief, announced Bass Pro Shops Founder Johnny Morris is personally donating one million FDA-approved ASTM Level 1 Procedure Face Masks to healthcare workers and first responders working on the front lines of the COVID-19 crisis across the U.S.
VF Corp.’s Debt Rating Outlook Revised To Negative
Standard & Poors Corp. revised its debt rating outlook on VF Corp. to negative. The rating agency said it expects VF’s operating results to be “significantly weaker” than it expected due to the economic fallout from the spread of the coronavirus.
Academy Sports’ Debt Ratings Downgraded
Moody’s Investors Service downgraded Academy, Ltd.’s corporate family rating (CFR) to Caa2 from Caa1 and probability of default rating (PDR) to Caa3-PD from Caa1-PD.
Optimistic Start To Summer For Southeast Destinations Completely Reversed
In less than 30 days, the COVID-19 pandemic swept across the entire U.S. and the world and left five destination resorts in three Southeast states with a completely reversed scenario for the coming summer months, according to the Monthly Market Briefing released by DestiMetrics and Inntopia.
VF Corp.’s Dickies Brand To Make 3.4 Million Isolation Gowns For Health Care Workers
Dickies, in partnership with its parent company, VF Corp., announced that it is further supporting the fight against COVID-19 in the U.S. by manufacturing FDA-compliant isolation gowns for hospitals and healthcare workers.
GoPro To Lay Off 20 Percent Of Employees In Global Restructuring
GoPro Inc. announced a strategic re-alignment that includes an accelerated shift to a direct-to-consumer strategy. Actions include a $100 million reduction to 2020 operating expenses including a workforce reduction of more than 20 percent, and plans to further reduce non-headcount related operating expenses to $250 million in 2021.
Academy Sports Furloughs Staff
Academy Sports + Outdoors announced that it is temporarily furloughing a substantial number of its corporate office and distribution center personnel effective April 18 in response to the impact of COVID-19. This action follows the furlough of a portion of Academy’s store personnel last week.
Dick’s Announces Pricing Of $500 Million Private Offering
Dick’s Sporting Goods Inc. announced the pricing of its offering of $500 million aggregate principal amount of 3.25 percent convertible senior notes due 2025 in a private offering.
Ecco’s 2019 Revenues Climb 3.8 Percent
ECCO reported a slight decline in earnings in 2019. Revenues rose 3.8 percent to €1.36 billion from €1.31 billion.
Dick’s Seeing ‘Significant’ Traffic Decline Due To COVID-19
In an update on the impact of COVID-19, Dick’s Sporting Goods Inc. said it has seen a “significant reduction in customer traffic and demand” since March 10 resulting from the continued spread of COVID-19, although online growth has accelerated. The retailer also said with moves to bolster its cash position and expand its borrowing capacity, it will “be able to continue operations for several months, even with stores remaining closed.”
Play It Again Sports Parent Sees Modest Q1 Earnings Gain
Winmark Corp. reported earnings of $7.33 million, or $1.87 per share, in the first quarter ended March 28 against $7.28 million, or $1.73, a year ago, representing a gain of 0.7 percent. According to Winmark’s recently-filed 10K, Play It Again Sports’ 2019 system-wide sales were $227 million across its 280 locations.
Duluth Trading Announces Additional Coronavirus Measures
Duluth Trading announced the furlough of 68 percent of salaried staff, a pay reduction for senior leadership ranging from 10 to 20 percent, and temporary raises for workers at distribution centers in response to the extended impact from COVID-19.
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.
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