Ross Stores in a letter to vendors on Thursday said it would cancel all merchandise purchase orders through June 18 as a result of the impact of the coronavirus on sales.
Category: Footwear
City Of Fresno Declares Sporting Goods Essential Retail
Sporting goods stores in Fresno, CA have been allowed to reopen as essential businesses, city leaders announced. Officials said many of the stores sell essential items including food, water, emergency supplies, ice, food storage, propane, and cooking supplies.
USA Triathlon Statement On Postponement of Tokyo Olympics
USA Triathlon issued a statement in response to the International Olympic and Paralympic Committees’ respective announcements that the Olympic and Paralympic Games Tokyo 2020 will be postponed to 2021 due to ongoing logistical and public health concerns surrounding the COVID-19 global pandemic.
U.S. Road Race Participation Declines 2.7 Percent For 2019
The number of runners registering for organized races in the U.S. was down slightly in 2019, continuing a six-year gradual drawback of mass participation in recreational road racing. According to Running USA data analysis, the industry peaked in 2013, when 19 million runners crossed the finish line at U.S. running events over all distances.
Moody’s Assigns A1 Rating To Nike’s Proposed Debt Offering, Outlook Revised To Negative
Moody’s Investors Service assigned an A1 rating to Nike Inc.’s proposed senior unsecured note offering. The outlook change to negative reflects the material increase in term debt at a time when there is significant uncertainty around the duration and severity of the coronavirus spread, as well as the impact of store closures and reduced consumer spending on Nike’s revenue and earnings.
DSW Parent Places 80 Percent Of Workforce On Unpaid Leave
Designer Brands Inc., the parent of DSW, said it is implementing temporary leaves of absence for over 80 percent of its workforce, effective March 29. The move follows the temporary closure of its North American stores in March 2017.
Nordstrom To Extend Store Closures Another Week
Nordstrom Inc. announced it will extend its temporary store closure for at least one week through April 5. The retailer also said its top leaders will decline their salary from April through September and a portion of corporate employees will be furloughed starting April 5 for six weeks.
Canadian Tire Offers Special Support Program For Employees
Canadian Tire Corporation announced that the Canadian Tire Associate Dealers have implemented a temporary special support payment of $2 per hour for all active Canadian Tire store employees.
Modell’s Seeks Suspension Of Bankruptcy Case
Modell’s Sporting Goods is seeking a 45-day suspension in its Chapter 11 case claiming the COVID-19 pandemic has made it impossible to conduct going-out-of-business sales.
Under Armour’s Chief Product Officer To Leave In August
Under Armour Inc. said Kevin Eskridge, chief product officer, will be leaving the company on August 15, 2020 to pursue other interests.
Shoe Carnival’s Q4 Earnings Top Expectations
Shoe Carnival Inc. reported net earnings more than doubled in the fourth quarter as same-store sales grew 3.2 percent. Cliff Sifford, Shoe Carnival’s vice chairman and CEO, said, “Our strong balance sheet and prudent expense management provides us the financial flexibility to keep our steady footing during this challenging economic time.”
Big 5 Withdraws First-Quarter Guidance
Big 5 Sporting Goods Corp., in a regulatory filing, said that it is withdrawing its fiscal 2020 first-quarter guidance due to the “anticipated material negative impact of COVID-19 on the company’s financial results and the uncertainty related to its duration.”
Camping World’s Debt Ratings Lowered
Moody’s Investors Service downgraded the debt ratings of Camping World due to the potential for ongoing softness in the RV market as the coronavirus likely impacts purchases of big-ticket items.
Dick’s Sporting Goods Cuts Salaries And Expenses, Suspends Stock Buybacks
Dick’s Sporting Goods, in a regulatory filing, announced the temporary reduction in the base salaries of certain executive officers in response to the current business environment as impacted by COVID-19. The retailer also said it’s embarking on a “significant reduction” in expenses and planned inventory receipts, reducing planned capital expenditures, temporarily suspending its share buybacks, and evaluating its dividend program.
Neiman Marcus Exploring Possible Bankruptcy
Neiman Marcus is in discussions with lenders about filing for bankruptcy to restructure its heavy debt load, Bloomberg News reported.
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