Moody’s lowered the debt ratings of Varsity Brands largely due to the company’s planned upsizing of existing debt outstandings and the associated increase in financial risk in connection with a pending LBO by Bain Capital.
Category: Sports/Fitness
Nike Overhauls Compensation Structure After Internal Review
Nike Inc., according to an internal memo, plans to increase salaries for more than 7,000 employees after an internal pay review. The annual bonus awards process is also being changed.
Experience Counts … Demo Day Kicks Off Outdoor Retailer Summer Market
Outdoor brands took to Denver’s Confluence and Commons parks Sunday afternoon to showcase some of their newest offerings for 2019 and give retailers a chance to paddle SUPs, pedal e-bikes and check out dozens of products from water bottles to energy bars to a stand-to-pee accessory for women.
Brooks Running Releases New FastTrack Mobile Application
The Brooks FastTrack mobile application acts as a one-stop-shop for retailers to manage orders, check inventory and drop-ship directly to customers both inside and outside the physical retail store directly from a smartphone.
Orangetheory Opens 1,000 Location
Orangetheory announced the grand opening of Portland’s third Orangetheory Fitness studio, the 1,000th globally.
Equinox And SoulCycle To Launch Full-Service Talent Management Agency
Equinox, along with SoulCycle, announced the development of a talent management agency exclusively representing their leading, market-defining fitness talent.
Rack Room Shoes Announces Real Teacher Of The Year Contest
Rack Room Shoes launched the company’s Real Teacher of the Year Contest, which will award five winning teachers a computer lab grant valued at $10,000 to be used towards technological upgrades at their respective schools. Additionally, each winning teacher will receive Free Shoes for a Year.
Aisle Talk Week of July 16
Top headlines from the active lifestyle industry you may have missed this week, including Boa Technology Inc. opening the company’s new environmentally friendly headquarters in Denver, CO.
Skechers Q2 Earnings Slump 24 Percent
Skechers USA Inc. reported earnings sunk 23.9 percent in the second quarter ended June 30, to $45.3 million, or 29 cents a share, falling short of the company’s guidance. Sales rose 10.6 percent to $1.13 billion.
Sports Direct Burned By Outside Investments
While underlying earnings are benefiting from its “Elevation” efforts to upgrade its stores, Sports Direct reported that its U.S. business, consisting of Bob’s Stores and Eastern Mountain Sports, showed loss in its fiscal year ended April 29 and a number of other investments aren’t paying off.
Adidas Downgraded On Heightened Competition
Wells Fargo Securities downgraded shares of Adidas due to renewed growth in North America at Nike, continuing explosive growth at Vans and some lackluster results from the launch of new Adidas platforms.
Hoka, Sanuk And Teva Announce Partnership With Camber Outdoors
Hoka One One, Sanuk and Teva , divisions of Deckers Brands, announced they recently joined Camber Outdoors as corporate partners.
Speedo USA Signs Caeleb Dressel
Speedo USA, a division of PVH Corp., announced that two-time Olympic gold medalist, seven-time FINA World Championships gold medalist and competitive swimming phenom Caeleb Dressel has joined Team Speedo USA, marking his first endorsement since becoming a professional swimmer earlier this year.
Amazon Prime Day 2018 Manages Another Record
Amazon said that sales across its Prime Day event surpassed Cyber Monday, Black Friday and the previous Prime Day, when comparing 36-hour periods, making this once again the biggest shopping event in Amazon history.
Play It Again Sports Parent Shows Earnings Gains
Winmark Corporation, the parent of Play It Again Sports, reported net income for the second quarter ended June 30, 2018 of $7.14 million, $1.73 per share, compared to net income of $5.53 million, or $1.23, a year ago.
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