Adidas filed a counter-lawsuit against former five-star recruit Brian Bowen II’s father, a former grassroots consultant and a financial advisor. The suit charges the three worked with Adidas employees to funnel money to the families of high school basketball prospects while evading detection by others in the company.
Category: Sports/Fitness
Apex Global Brands Posts Loss In Q4
Apex Global Brands, the parent of Hi-Tec and Cherokee, reported a net loss of $1.1 million in the fourth quarter ended February 1 compared to net income of $0.2 million a year ago. Revenues declined to $5.5 million from $6.1 million.
New Balance Donates To Hope For The Warriors
New Balance made a $35,000 donation to Hope For The Warriors to fund sports programming for children of military service members in honor of Armed Forces Day.
Eighty Percent Of Golf Courses Expected To Be Open By May 3
Fifty-eight percent of golf courses in the U.S. were open for play in the week ended April 26 with 80 percent expected to be open by May 3, according to the National Golf Foundation’s most recent COVID-19 survey.
Varsity Spirit Launches Series Of Virtual Solutions
Varsity Spirit, a division of Varsity Brands, is offering several free virtual resources to cheer and dance coaches who cannot host in-person tryouts for next year’s teams.
Modell’s Secures Suspension Of Bankruptcy Until May 31
A New Jersey bankruptcy judge extended the suspension of the bankruptcy case of Modell’s Sporting Goods under May 31 as COVID-19 continues to prevent the retailer from holding liquidation sales at physical stores.
Little League Cancels 2020 World Series And Region Tournaments
Due to the ongoing impact of the COVID-19 pandemic, Little League International has decided to cancel its World Series and Region Tournaments for the first time in the organization’s history.
NRA Cancels National Rifle & Pistol Championships Due To COVID-19
The National Rifle Association (NRA) has decided to cancel the 2020 NRA Precision Pistol Championships, July 1-5; NRA High Power Championships, August 9-25; and the 2020 NRA Smallbore Championships scheduled for July 23-August 4 due to the coronavirus.
Unifi Posts Loss On Impairment Charge Tied To Sale
Unifi Inc. reported that it completed sale of its 34 percent interest in Parkdale America, LLC (PAL) to the existing majority partner, Parkdale, Inc., in an all-cash transaction for $60.0 million. The fibers manufacturer also posted a loss in the third quarter ended March 2 after a charge related to the sale.
Iconix Inks Deal To Sell Umbro China
Iconix Brand Group Inc. reported in a regulatory filing that it entered an agreement to sell Umbro China Limited to HK Qiaodan Investment Limited for $62.5 million.
Golf Rounds Played Slide In March
Golf rounds played for March 2020 fell 8.5 percent nationally compared to a year ago, according to Golf Datatech. Double-digit increases in the New England, East North Central and Mid Atlantic regions were offset by a steep decline in the Pacific region and smaller declines in the South Central and South Atlantic.
HanesBrands’ Q1 Sales Drop 17 Percent
HanesBrands Inc. the parent of Hanes and Champion, reported earnings tumbled 77.3 percent in the first quarter as sales declined 17.0 percent. The company estimated that COVID-19 reduced GAAP and adjusted results by $181 million in net sales, $86 million in operating profit, and 20 cents per share in EPS.
Gildan Activewear Posts Q1 Loss After Charges
Gildan Activewear reported a net loss of $99.3 million, or 50 cents per share, in the first quarter after after-tax charges of approximately $110 million, or 56 cents per share. Excluding charges, adjusted earnings were down 65.9 percent as sales dropped 26.4 percent.
NCAA Outlines Plan To Let Athletes Make Endorsement Deals
The NCAA’s Board of Governors announced that it had approved recommendations under which student-athletes could receive income for third-party endorsements, as well as social media opportunities, other business ventures and personal appearances that fall within certain guidelines.
Soccer Parents See Soccer Returning This Summer
A survey of youth soccer parents from Soccer.com, the nation’s leading soccer-specialty retailer, finds 81 percent expect youth soccer to resume in their area by August 2020. Of those, 61 percent believe youth soccer will resume in their area by July 2020.
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