In an interview on CNBC, L.L.Bean CEO Stephen Smith contended that the recently passed $2 trillion stimulus package does not address “middle market retail” companies such as his.
Category: Footwear
Columbia Sportswear CEO Tim Boyle Cuts Own Salary To $10K, Employees To Receive Regular Pay
Tim Boyle, president and CEO of Columbia Sportswear, will be reducing his annual salary to $10,000. The company plans to continue to offer regular pay to its employees, including those at stores, during the COVID-19 pandemic.
Amer Sports’ Debt Ratings Downgraded
Moody’s assumes Amer Sports’ revenue in 2020 will decline over 20 percent year-on-year due to the worldwide spread of the coronavirus outbreak, particularly across Europe and North America. The ratings agency cited Amer’s products are “highly discretionary” and current restrictions on many traveling and sports activities.
Wolverine World Wide’s Debt Ratings Outlook To Negative; Liquidity Rating Downgraded
The ratings agency said the outlook change to negative reflects the risk that a prolonged downturn triggered by the rapid spread of the coronavirus (COVID-19) will pressure Wolverine’s revenue and profitability, as well as its ability to reduce leverage over the near-to-intermediate term.
Hanesbrands’ Debt Ratings Outlook Lowered To Negative
Moody’s rating outlook for Hanesbrands Inc. the parent of Champion, was changed to negative from stable to reflect the uncertainty caused by the coronavirus spread. Moody’s wrote, “The apparel sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.”
Asics Opens Access To Asics Studio Workout App
Asics has opened access to the Asics Studio at-home workout app to anyone free of charge as part of its response to COVID-19.
NPD: Athletic Footwear Sales Tumble In Week Ending March 21
Athletic footwear sales were down 65 percent in the week ending March 21, according to The NPD Group. Sport lifestyle and skate, the categories that were trending the best before the pandemic, also each declined by more than 60 percent.
Dick’s Sporting Goods Amends Credit Line
Dick’s Sporting Goods amends the company’s senior secured revolving credit facility arrangement to have $2.1 billion in aggregate commitments, up from a prior level of $1.6 billion.
Bass Pro’s Debt Ratings Outlook Lowered To Negative
Moody’s changed its debt rating of Bass Pro Group, L.L.C. to negative from stable. The change in outlook to negative from stable reflects the risk that Bass Pro’s credit metrics may weaken on a sustained basis as a result of recessionary conditions and declines in discretionary consumer spending.
Yue Yuen’s Revenues Expand 4.2 Percent In 2019
Yue Yuen Industrial (Holdings) Ltd. recorded revenue of $10,105.4 million in 2019, representing an increase of 4.2 percent, compared with the previous year. Profit attributable to owners of the company declined by 2.1 percent to $300.5 million, as compared to $307.1 million recorded for the previous year.
Crocs Amends Credit Facility, Suspends Share Buybacks
Crocs amended its revolving credit facility and suspended share repurchases to preserve maximum liquidity and flexibility amid the COVID-19 pandemic. The company also said its retail stores in North America will remain closed until further notice.
Saucony Run For Good Foundation Marks 15th Anniversary
Saucony marks the 15th anniversary of the brand’s Saucony Run for Good Foundation with the announcement of a new round of grant winners. Established in 2006, the Foundation has awarded more than $1.5 million dollars in grants to 180 schools and community organizations all dedicated to preventing childhood obesity through running and proper nutrition.
New Balance To Make Medical Masks
New Balance said it will be making medical-grade face masks at its U.S. plants as hospitals continue to face shortages of safety equipment amid the spread of the coronavirus.
Stage Stores Provides COVID-19 Business Update
Stage Stores Inc. announced a series of steps the company is taking to reduce costs and preserve liquidity in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic.
Kohl’s Furloughs Workers Amid Extended Store Closures
Kohl’s said it will temporarily furlough store and store distribution center associates, as well as some corporate office associates, whose work has been significantly reduced by the store closures. Kohl’s also announced that it will extend the duration of its temporary store closures until further notice.
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