Moody’s Investors Service said it reduced its debt rating outlook on Varsity Brands, the parent of Varsity Spirit, Herff Jones and BSN Sports, to negative from stable. The rating agency said the change reflects the company’s high financial leverage amid school closures across the U.S. in response to the coronavirus and the uncertainty around the duration of the outbreak and pace of re-openings once the pandemic subsides.
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Adidas Approved For $3.3 Billion Loan From German Government
Following the severe impact on its business from the coronavirus pandemic, Adidas on Tuesday received the approval from the German government to participate in KfW, Germany’s state-owned development bank. The company will receive €3 billion (US$3.3 billion) at customary market conditions to bridge this unprecedented situation.
Behind The Deal: Why Exxel Outdoors Proceeded With Latest Acquisition
Exxel Outdoors announced its acquisition of outdoor apparel and gear brand Compass 360 during an unlikely time for U.S. business expansion. Exxel CEO Harry Kazazian spoke exclusively with SGB Executive about the company’s reasons for moving forward with the deal despite the economic uncertainty.
Fitbit To Study The Role Of Wearables to Detect, Track And Contain Infectious Diseases
Fitbit is collaborating with The Scripps Research Institute and Stanford Medicine on research aimed at using Fitbit data to help detect, track and contain infectious diseases like COVID-19.
Pou Chen Corp To Suspend Vietnam Operations For Two Days
Pou Chen Corp., the world’s largest maker of athletic shoes, has been ordered to suspend production at its Pouyuen Vietnam business over COVID-19 concerns, Vietnamese state media reported.
Hanesbrands Debt Rating Outlook Lowered
S&P Global Ratings revised its outlook on Hanesbrands Inc., the parent of Champion, to negative from stable. The rating agency said Hanesbrands will face significant sales and profitability declines in the upcoming quarters due to store closures and a drop in consumer spending on nonessential items arising from COVID-19 and resulting in an economic recession.
J.C. Penney’s Debt Rating Downgraded
Moody’s Investors Service downgraded J.C. Penney’s debt ratings and lowered its rating outlook to negative as the widespread store closures as a result of the pandemic is expected to pressure J.C. Penney’s EBITDA, impede its turnaround strategy and weaken its leverage.
Macy’s Retains Lazard To Explore Financing Options
Macy’s Inc. has retained the investment banking firm Lazard to help manage its liabilities and explore options that could include new financing, sources told Reuters. The sources added that no debt restructuring is imminent.
SFIA’s Tom Cove Talks Recovery
Tom Cove, SFIA’s president and CEO, believes the sporting goods industry is still scrambling to offset the fallout from the pandemic. But he also believes many have “settled in a little bit” into how to manage amid the crisis and have started to position themselves to be ready for better business conditions.
Callaway Golf’s Debt Ratings Lowered
Standard & Poors Corp. lowered all of its debt ratings on Callaway Golf by one notch to ‘B+’ and placed them on CreditWatch with negative implications. The change was due to its expectation a “severe slowdown in economic activity and consumer spending” as a result of the COVID-19 pandemic will reduce Callaway’s sales and EBITDA.
Endurance Sports Coalition Unites 475 Organizations To Secure COVID-19 Relief
The Endurance Sports Coalition, a coalition of endurance sports industry participants advocating for COVID-19 relief, has grown to more than 475 members across the running, triathlon, multi-sport, obstacle course and cycling event industries.
OIA’s Lise Aangeenbrug On Outdoor Industry’s Challenges, Path Forward
In another installment of SGB Executive’s series of interviews with industry leaders exploring how businesses are coping with the coronavirus, Outdoor Industry Association’s new executive director Lise Aangeenbrug discusses the challenges facing the outdoor industry, how OIA is helping member businesses cope and the industry’s path forward out of this unprecedented crisis.
Aisle Talk Week Of April 6, 2020
Top National Stories and the Latest Headlines from SGB Updates across the Active Lifestyle Market during the week of April 6, 2020.
Less than Half Of U.S. Golf Courses Remain Open
As of the end of last week, 44 percent of the nation’s golf courses were still allowing play, down slightly from the previous week, according to research from the National Golf Foundation (NGF).
Yue Yuen’s March Revenues Were Down 24 Percent
Yue Yuen reported sales slumped 23.6 percent in March, improving on the rate of decline seen in February.
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