Helen of Troy, the parent of Hydro Flask, said its executive leadership team is taking temporary salary reductions and it’s introducing cost-containment efforts in response to the impact of COVID-19 on the current business environment. Borrowings were also increased under its credit line.
Category: Sports/Fitness
Adidas Revokes Decision To Withhold Rent Payments In Germany
Adidas apologized Wednesday for saying it would defer paying rent for stores in Germany that were forced to close by coronavirus lockdowns after facing wide criticism on social media.
Wimbledon Tennis Tournament Canceled Amid Coronavirus Pandemic
Wimbledon tennis championships, due to begin on June 29, have been canceled by organizers because of the ongoing coronavirus outbreak. The move marks the first cancellation of the event since World War II.
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.”
Skirt Sports Exploring Sale
Skirt Sports, the Boulder-based women’s running apparel brand, has retained Bell Lap Advisors, the M&A advisory firm, to explore new ownership.
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.
Under Armour Shareholder Lawsuit Over Port Covington Land Purchase Dismissed
A federal court in Maryland dismissed a shareholders lawsuit against Under Armour and its founder, Kevin Plank, over the acquisition of land in Baltimore’s Port Covington area for its new headquarters.
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.
Escalade Appoints New President & CEO
Escalade Inc., a maker of a wide range of sporting goods, announced the appointment of Scott Sincerbeaux as the organization’s next president and chief executive officer. Sincerbeaux joins Escalade from Wolverine World Wide, Inc., where he held several positions including president of The Stride Rite Children’s Group, president of direct to consumer and president of global retail.
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.
SGB Today
Active Lifestyle Market Product and Brand Marketing Stories from SGB PRO PR and SGB Premium PR Partners
Post your Product or Marketing News in the SGB PR Portal