Under Armour permanently laid off 323 employees at a distribution center in Mount Juliet, TN, according to a notice filed with the Tennessee Department of Labor and Workforce Development.
Category: Footwear
Report: Lord & Taylor Exploring Bankruptcy
Lord & Taylor is considering filing for bankruptcy after being forced to close all of its 38 U.S. department stores amid the coronavirus crisis, according to a report from Reuters.
VF Sees Fiscal 2020 Just Missing Expectations
VF Corp. provided a revenue outlook for its year ended March 31 that was slightly below Wall Street expectations in conjunction with a debt offering. Earnings guidance likewise was slightly below average estimates.
Sporting Goods Leaders Rank High For Transparency
Adidas, Nike, VF Corp, Patagonia and Puma ranked among the world’s most transparent major fashion brands, according to the 2020 Fashion Transparency Index from the campaign group Fashion Revolution.
Bass Pro’s Johnny Morris Donates 1 Million Face Masks To Healthcare Workers
Convoy of Hope, a not-for-profit supporting disaster relief, announced Bass Pro Shops Founder Johnny Morris is personally donating one million FDA-approved ASTM Level 1 Procedure Face Masks to healthcare workers and first responders working on the front lines of the COVID-19 crisis across the U.S.
Retail Trade Groups Applaud Tariff Relief
The National Retail Federation, Retail Industry Leaders Association and U.S. Chamber of Commerce all applauded the Trump administration’s move to postpone some tariff collections for 90 days amid the COVID-19 pandemic.
Shoe Carnival Further Enhances Financial Liquidity
Shoe Carnival Inc. announced it has exercised the accordion feature of its credit agreement with Wells Fargo Bank, N.A. and Fifth Third Bank, National Association to further enhance its financial liquidity position.
VF Corp.’s Debt Rating Outlook Revised To Negative
Standard & Poors Corp. revised its debt rating outlook on VF Corp. to negative. The rating agency said it expects VF’s operating results to be “significantly weaker” than it expected due to the economic fallout from the spread of the coronavirus.
Foot Locker’s Debt Rating Outlook Revised To Negative
Standard & Poors Corp. revised its outlook to negative from stable and affirmed all its ratings on Foot Locker, including the ‘BB+’ issuer credit rating. The rating agency said the retailer will face significant top-line headwinds this year, as restrictive government mandates to contain the coronavirus pandemic lead to temporary store closures, deflated consumer confidence, and a swift and severe drop in discretionary consumer spending.
Nike Signs 2020 WNBA First Draft Pick
Nike has signed Sabrina Ionescu, who was selected first overall in the 2020 WNBA draft and has been the most hyped women’s basketball prospect in recent years.
Neiman Marcus Could File For Bankruptcy This Week
Neiman Marcus Group is preparing to file for bankruptcy as soon as this week, Reuters reported Sunday.
Academy Sports’ Debt Ratings Downgraded
Moody’s Investors Service downgraded Academy, Ltd.’s corporate family rating (CFR) to Caa2 from Caa1 and probability of default rating (PDR) to Caa3-PD from Caa1-PD.
Todd Spaletto Out At Wolverine World Wide
Wolverine World Wide reported that Todd Spaletto and the company mutually agreed he will resign as president of WWW’s Michigan Group on or before May 30, according to a regulatory filing.
Stein Mart Calls Off Buyout Plans
Stein Mart Inc. called off plans for a buyout by a private equity firm amid the “unpredictable economic conditions” caused by the COVID-19 pandemic.
Kohl’s Enters $1.5 Billion Asset-Based Revolving Credit Facility
Kohl’s Corp. in a regulatory filing said it has entered a $1.5 billion asset-based revolving credit facility.
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