J. C. Penney Company Inc. announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved the previously announced asset purchase agreement (APA) with Brookfield Asset Management, Inc., Simon Property Group and the company’s DIP and First Lien Lenders
Category: Footwear
Adidas Records Strong Recovery In Third Quarter
Adidas reported sales and profitability recovered in the third quarter as stores reopened, alongside booming e-commerce sales. Adidas no longer expects a return to growth in the fourth quarter due to a worsening of the pandemic in many regions but sees a modest profit.
Imports Set New ‘Peak Season’ Record As Retailers Prepare For Holidays
Imports likely saw their busiest “peak season” on record this summer and fall as retailers replenished inventories and stocked up for the holiday season, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
Christy Sports Acquires Double Diamond Ski Shop
Christy Sports announced that it has acquired Double Diamond Ski and Bike Shop, a specialty ski and snowboard retail and rental operator located at Vail, CO.
Stocks Rally On Pfizer Vaccine News
The broader stock market soared on Monday after drugmaker Pfizer said that an early look at data from its coronavirus vaccine shows it’s more than 90 percent effective. However, the majority of stocks in the active lifestyle space that have thrived amid the pandemic, including Peloton, saw sharp declines.
Clarus’ Q3 Revenues Expand 7 Percent
Clarus Corp. reported sales grew 7 percent in the third quarter and predicted its fourth-quarter sales would climb in the range of 11 percent to 13 percent. Black Diamond sales dropped 8 percent while Sierra Bullet’s sales soared 135 percent.
Report: PE Firms Exploring Reebok
Two major private equity firms, Permira and Triton, are exploring an acquisition of Reebok from Adidas, according to a report in the Financial Times.
Camping World Opens New SuperCenters In Texas, Louisiana And Idaho
Camping World Holdings Inc. has expanded its national footprint with the recent openings of Camping World SuperCenters in Spring, TX and Breaux Bridge, LA, along with a planned opening of a Gander RV SuperCenter in Pocatello, ID, scheduled for December 1.
Mizuno’s Profits Tumble In Six Months
Mizuno Corp. reported a significant decline in profits in the six months ended September 30 as sales dropped 22.5 percent.
VF Corp. To Acquire Supreme
VF Corp. signed a definitive merger agreement to acquire Supreme, the streetwear brand. Current investors, The Carlyle Group and Goode Partners are selling their stakes in the Supreme brand. VF said the Supreme brand offers a $1 billion global opportunity over time through international and DTC expansion.
Clarks Secures Private Equity Deal With LionRock Capital
Clarks has sold a majority stake in the company to Hong Kong-based private equity firm LionRock Capital. The investment in the 195-year-old U.K.-based shoe brand and retailer amounted to £100 million (approximately $131mm). The Clark family will remain a key shareholder in the business.
Bass Pro’s Debt Ratings Upgraded
Moody’s raised the debt ratings of Bass Pro Group LLC. The rating agency said Bass Pro has been resilient through the coronavirus pandemic as it reported positive sales momentum continuing through the third quarter following the initial temporary store closures at the onset of the outbreak.
Acushnet’s Q3 Revenues Expand 15 Percent
Acushnet Holdings Corp., the parent of Titleist, reported earnings more than doubled in the third quarter as sales grew 15.1 percent.
Asics Lifts Outlook On Improved Q3
Asics reported net sales in the first nine months of 2020 slumped 13.3 percent to ¥248,206 million due to the impact of the spread of COVID-19. However, the Japanese sporting goods company lifted its outlook for the year as third-quarter results showed improvement.
SportChek’s Q3 Same-Store Sales Dip
Canadian Tire Corp. reported SportChek’s comparable sales growth declined 1.4 in the third quarter. On a constant-currency basis, Helly Hansen’s revenue decreased 0.9 percent.
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