Under Armour, Inc. entered into an amendment to its loan with JPMorgan Chase Bank that suspends the interest coverage covenant and lowers the debt to EBITDA ratio requirement under its leverage covenant.
Category: Footwear
NRI Distribution Hires Marketing Manager
NRI Distribution, a third-party logistics (3PL) provider for aspirational lifestyle brands, hired Kelley Meidroth to a newly created marketing manager role. NRI also unveiled a new website and reported positive e-commerce news.
REI To Open New Store In South Carolina In August
REI plans to open a store in the BullStreet District of Columbia, SC in August. The opening had been expected in May but was delayed in response to COVID-19.
Cat Footwear Appoints Chip Coe As President
Chip Coe has been named the new global brand president of Cat Footwear, a division of Wolverine World Wide Inc.
L.L. Bean Reopens Bike, Boat, Hunting And Fishing Stores In Freeport
L.L. Bean has re-opened its Bike, Boat & Ski Store and its Hunting & Fishing Store in its home town of Freeport, ME. The openings are in line with guidelines provided by Maine officials that deemed bike shops, fishing supply stores, and federally licensed firearms dealers as essential retailers.
PeopleForBikes Adds 60 New Member Companies
PeopleForBikes reported that 60 bike businesses have joined the industry coalition as new members since the organization merged with the Bicycle Product Suppliers Association (BPSA) in 2019.
Caleres To Reopen Retail Stores
Caleres Inc. said it has begun a phased reopening of its Famous Footwear and branded – Allen Edmonds, Naturalizer and Sam Edelman – retail stores in a safe and systematic manner.
Iconix’s Q1 Revenues Slump 22 Percent
Iconix Brand Group, the parent of Starter, Danskin and a number of other fashion and active brands, reported a loss after impairment charges in the first quarter on a 22 percent sales decline due, in part, to pressures from COVID-19. Iconix said it signed 41 license deals during 2020 and is making progress in improving its cost structure.
TJX Cos. Begins Reopening Stores
TJX Cos., the parent of TJ Maxx, Marshalls and Sierra, has started to reopen stores with a focus on safety. Associates are being required to wear face masks and social distancing work practices are being implemented.
Fleet Feet Celebrates Global Running Day With Nationwide Virtual Running Event
With physical distancing precautions still in place across the country, Fleet Feet announced its fourth annual Global Running Day event. The Big Run will take place virtually this year. Shifting names to My Big Run, the June 3 Global Running Day initiative will take place in partnership with Brooks.
Survey Finds Runners Hesitant To Return To Running In Groups
According to a survey of runners from the Road Runners Club of America (RRCA), 60 percent are comfortable running with five or fewer people once a return to larger group running is permitted. Fifty-one percent are comfortable with 10 or fewer runners, but the percentage of comfort drops significantly when group runs start to see 20 or more participants.
Yue Yuen’s April Sales Decline 19 Percent
Yue Yuen Industrial Ltd., the world’s largest sports footwear manufacturer, reported April’s revenues were down 19.1 percent. Pou Sheng International Ltd., the retail subsidiary of Yue Yuen, saw an 11.2 percent decline.
Arc’teryx Equipment Appoints Katie Becker As First VP Creative
Arc’teryx Equipment has named Katie Becker as the brand’s first VP creative. Becker joins Arc’teryx after a 12 plus year career with Adidas, where she recently served as senior global design director.
Nike Tops Stage Stores’ Unsecured Creditors List
Nike Inc. was left with the largest unsecured claim in the bankruptcy filing of Stage Stores. Skechers, Adidas and Columbia Sportswear were also among the Top 20 unsecured creditors.
Report: Penney Bankruptcy Possible This Week
J.C. Penney is preparing to file for bankruptcy and plans to close about 200 of its 850 locations, Reuters reported.
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