BSN Sports Acquires Team Gear
BSN Sports, a division of Varsity Brands, announced that it has acquired I.D. Clothing Company (dba Team Gear) based in Whippany, NJ.
The Good Feet Store Opens 200th Location
The Good Feet Store has opened its 200th location in partnership with one of its veteran franchisees, Bridget Kelley.
Quiksilver Appoints VP, Global Marketing
Quiksilver has named Bobby Gascon as VP, global marketing. He joins the company following 13 years at Vans where, most recently, he was senior director of global marketing, Action Sports
Nike Shutting Down Run Club App In China
Nike is deactivating its Run Club app in China. In a statement to Reuters, Nike said it plans to provide runners in China with an “enhanced and localized digital solution.”
Under Armour To Be Dropped From S&P 500 Stock Index
Under Armour will be deleted from the S&P 500 stock index before the start of trading June 21 and be added to the S&P MidCap 400, S&P Dow Jones said. The S&P 500 tracks the performance of 500 large companies listed on U.S. stock exchanges.
VF Corp. Debt Outlook Revised To Negative On Tax Ruling
S&P Global Ratings revised its debt ratings outlook on VF Corp. to negative from stable. The rating agency estimated VF will likely have to increase debt by more than $845 million to pay the assessed tax in order to appeal an unfavorable decision from the U.S. Tax Court regarding its post-acquisition restructuring of Timberland Co. in September 2011.
Kohl’s Debt Ratings Placed Under Review For Possible Downgrade
S&P Global Rating placed the debt ratings of Kohl’s under review with negative implications after the retailer announced that it entered into exclusive negotiations for a sale to Franchise Group, Inc.
Target Warns Of Profit Decline Over Inventory Imbalances
Target lowered its forecast for the second quarter as it plans to markdown merchandise, remove excess inventory and cancel orders in an effort to right-size its inventory levels.
Marc Fisher Footwear Company Licenses Earth Shoes
The Marc Fisher Footwear Company entered into a multi-year agreement to license the Earth shoe brand for men’s and women’s footwear.
Academy Sports Q1 Tops Expectations
Academy Sports reported first-quarter results that topped Wall Street targets but the retailer still slightly lowered its outlook due to macroeconomic challenges. Ken Hicks, CEO said, “We are satisfied with our first-quarter results as the company continued to position itself for long-term growth and expansion as we executed effectively in a highly dynamic environment and against a very strong prior-year quarter.”
Rocky Brands To Close Boston Office Following Cost Review
Rocky Brands, Inc. plans to close its Boston office attained via its acquisition of the lifestyle footwear business of Honeywell International, Inc. and reduce its non-manufacturing headcount related to the acquired brands by approximately 13 percent, resulting in approximately $3.0 million to $4.0 million in annualized savings.
Kohl’s, Franchise Group Enter Exclusive Negotiations Over Sale
Kohl’s Corp. reported that it’s in exclusive talks with the Franchise Group over a possible $8 billion takeover.
StockX Calls Nike Suit “Anticompetitive” Attempt To Stifle Resale Market
Sneaker marketplace StockX fired back Monday against Nike Inc’s claims that it sold counterfeit Nike shoes, telling a Manhattan federal court that the sneaker giant had previously praised StockX’s efforts to weed out fakes.
Compass Diversified To Acquire PrimaLoft
Compass Diversified (CODI) has entered into a definitive agreement to acquire the equity of PrimaLoft Technologies Holdings, Inc., the parent company of PrimaLoft Inc., for an enterprise value of $530 million.
REI To Open Third Location In South Carolina
REI Co-op will open a new store in Mount Pleasant, SC in fall 2022.
