JD Sports reacquired the Go Outdoors chain for £56.5 million after putting it into administration.
Category: Footwear
Amazon Sets $2 Billion Climate Pledge
Amazon announced the launch of a $2 billion internal venture-capital fund focused on technology investments to reduce the impact of climate change. The Climate Pledge Fund program will back visionary companies whose products and services will facilitate the transition to a zero-carbon economy.
J.C. Penney To Close 13 More Stores
J.C. Penney Co., which filed for bankruptcy proceedings on March 15, disclosed an additional 13 stores it plans to close on top of the 136 being liquidated.
Puma Opposes Nike’s “Footware” Trademark Application
Puma has initiated opposition proceedings in connection with Nike’s application to use the word “footware” for use on sneaker-specific software products and services, according to thefashionlaw.com.
New Balance Foundation Donates To COVID-19 Response Efforts
New Balance Foundation announced it has confirmed the second round of funding as part of its pledge earlier this year to donate $2 million in non-profit grants in response to the COVID-19 pandemic. Adding to the New Balance Foundation’s initial distribution of $500,000, select organizations from the Foundation’s network of more than 60 grantees recently received a combined total of $1.25 million in New Balance Foundation COVID-19 grants.
Fleet Feet Finds E-Commerce Boost Amid Pandemic
Fleet Feet has reopened 170 of its 184 stores in some capacity to strong initial results for many franchisees, according to a profile in Forbes. A decision to build a shared, central e-commerce site for all stores proved to be beneficial as stores were closed.
UK’s Go Outdoors Exploring Administration
Go Outdoors, the 67-unit outdoor chain based in the U.K., is exploring administration, a process similar to U.S. bankruptcy. The move was confirmed its owner by JD Sports.
Artémis To Trim Stake In Puma
Artémis, the holding company of French entrepreneur François Pinault, announced a new €500 million bond offering in Germany convertible into Puma shares in 2025.
Vasque Footwear Expanding Scandinavian Presence In Distributor Deal
Vasque Footwear has partnered with Norwegian distributor TRACX to bring Vasque footwear to the Scandinavian market.
Shoe Carnival Sees Strong Q2 Trend As Stores Re-Open And Online Surges
Shoe Carnival, Inc. has re-opened all but one of its 390 stores across the U.S. and Puerto Rico following closures prompted by the COVID-19 pandemic.
Rack Room Commits $1 Million To Black Scholarship, Internship, Mentoring Programs
Rack Room Shoes announced committed to a $1 million donation, $200,000 per year for five years, to use towards a diversity plan that includes scholarships, internship opportunities, mentoring programs and other donations for education and economic development in the black community.
REI’s Westminster Location Closes On Monday
REI is closing its store in Westminster, CO after failing to reach a new agreement with the Orchard Town Center’s landlord, according to the Denver Post.
Modell’s Seeks Extension To File Bankruptcy Plan
Modell’s Sporting Goods is seeking a three-month extension of the time it has to file its bankruptcy plan due to challenges liquidating merchandise due to the pandemic. The retailer said its stores are now opening to start GOB sales.
The North Face And REI Pull Ads From Facebook
The North Face and REI both said they would temporarily stop buying Facebook ads in solidarity with calls for a boycott from civil rights organizations. Facebook and CEO Mark Zuckerberg have come under fire for allowing racist content and disinformation to propagate on the site.
Neiman Marcus Secures Bankruptcy Financing
Neiman Marcus Group LTD LLC announced that it has received approval from the U.S. Bankruptcy Court for the Southern District of Texas Division to access debtor-in-possession (“DIP”) financing and is on track to exit bankruptcy proceedings by the fall.
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