SGB Update
German Retailer SportScheck Files for Insolvency; Frasers Exits Deal
UK-based Frasers Group plc, said it intends to work with the appointed preliminary insolvency administrator of SportScheck with a view to acquiring the SportScheck business/assets out of administration.
Reebok Inks Licensing Partner For Sports Equipment
Authentic Brands Group has entered into a long-term licensing agreement with Sakar International to design and distribute Reebok-branded basketball, pickleball, baseball, soccer, and football equipment and electronics, including audio, tech and massage products.
Hanesbrands Gets Debt Ratings Downgrade
Moody’s Investors Service downgraded Hanesbrands, Inc.’s debt ratings to reflect the company’s significant earnings declines through 2023 and Moody’s expectation that leverage and coverage credit metrics will remain weak through the first half of 2024.
SGB Executive
EXEC: Asics Expands 2026 Plan as Company Drives Past 2023 Targets
Asics Corp. has outlined goals that sees the Japanese performance footwear and apparel company returning to the lead in market share in the run specialty channel in North America by 2025, and a new focus on regional profitability.
EXEC: Academy Sports Sees Weather/Consumer Woes Derailing Sales Recovery
Academy Sports and Outdoors, Inc. said a slow start to fall selling due to warmer temperatures as well as continued weak consumer demand caused third-quarter results to miss plan, resulting in a downward revision to full-year guidance. CEO Steve Lawrence said on an analysts call, “We feel like we don’t have a challenged strategy. We’ve got a challenged customer.”
Deloitte: Women’s Sports Revenue Set to Hit $1B In 2024
Deloitte forecasted that women’s elite sports will generate global revenues of $1.28 billion in 2024, the first time that annual global revenues for women’s sports will have surpassed $1 billion.
