Century 21, the New York department store chain, filed for bankruptcy and said it will close its stores after nearly 60 years in business. Adidas; Hanesbrands, the parent of Champion, Puma; and Nike all landed on the top-30 unsecured creditors list.
Category: Footwear
UCLA’s Under Armour Lawsuit Moves To State Court
UCLA on Wednesday voluntarily dismissed its breach of contract lawsuit against the Under Armour in federal court while pursuing the complaint in state court. No reason was given for the removal action.
Academy Sports Files To Go Public
Academy Sports and Outdoors Inc. announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering.
Report: JCPenney Finds Rescue Deal With Simon Property And Brookfield
Mall owners Simon Property and Brookfield Property Partners have reached an agreement in principle to acquire JC Penney out of bankruptcy proceedings in a deal valued at approximately $800 million, sources told the Wall Street Journal. The move will avoid a total liquidation and save about 70,000 jobs and 650 stores, Joshua Sussberg, a lawyer represensting Penney for the Kirkland & Ellis said in bankruptcy court Wednesday.
Adidas Extends Contract With Northwest Missouri State University
Adidas renewed its sponsorship deal with Northwest Missouri State University through 2026. MB2 Sports, out of the Kansas City area, will service the contract.
Hoka Signs Sponsorship Agreement With NAZ Elite
The new four-year agreement will begin January 1, 2021, spans two Olympic cycles, and is intended to increase not only the personal level of support for each of the club’s individual athletes but the club’s overall infrastructure as well.
Neil Fiske Joins Marquee Brands As CEO
Marquee Brands LLC appointed Neil Fiske as its first chief executive officer of Marquee Brands LLC. Fiske was most recently chief executive officer of the GAP brand and formerly led Billabong and Eddie Bauer.
Senior Nike Brand Director Joins Teespring
Teespring, the social commerce platform, has appointed Les Green, who formerly helped spearhead Nike’s NikeiD efforts, as VP of marketing.
Under Armour Expands Restructuring Efforts, To Lay Off 600 Overall
In a regulatory filing, Under Armour said its Board of Directors on September 2 approved a $75 million increase in its 2020 restructuring plan and indicated that it plans to lay off 600 employees as part of its overall 2020 restructuring plan.
JD Sports’ U.S. Sales Boosted By Federal Stimulus
JD Sports’ U.S. segment, including The Finish Line and its initial JD Sports locations in the U.S., saw sharp gains in profits on strong sales in the first half. The improvement was attributed to a “temporary government stimulus driving a material, but temporary, impact on performance.”
Pentland Brands Promotes Chirag Patel To CEO; Makes Executive Team Changes
Pentland Brands Limited announced changes to its executive team. The changes include Chirag Patel becoming chief executive officer, having previously served as deputy chief executive officer.
Puma North America CEO To Speak At SFIA’s Virtual Conference
Bob Philion, Puma North America CEO, will deliver a keynote address at SFIA’s upcoming “Back On Track: Insights & Strategies” virtual conference being held online on September 23 and 24.
Kohl’s Rolls Out New Loyalty Program
Kohl’s announced the nationwide launch of Kohl’s Rewards, the company’s new simplified loyalty program, offering customers an opportunity to earn more Kohl’s Cash coupons on purchases.
Boardriders’ Debt Ratings Lowered
The debt ratings of Boardriders Inc., the parent of Quiksilver, Billabong, Roxy, DC Shoes, RVCA and Element brands, were downgraded by S&P. The rating agency said a new debt offering “is tantamount to a default on the term loan because the company is distressed and term loan lenders were not adequately compensated for accepting a more junior position in the capital structure.”
Slinger Bag Announced Expansion Into Australia
Slinger Bag announced a five-year distribution agreement with Australia’s tennis specialty retailer, Tennis Only.
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