The NCAA Council approved a phased plan that, barring further complications of the coronavirus pandemic, will allow the 2020 college football season to start on time.
Apex Global Brands, the parent of Hi-Tec, Cherokee and Tony Hawk, narrowed its loss in the first quarter despite a revenue decline due to the non-renewal of certain license agreements along with the impacts of COVID-19. The company received an extension of its forbearance agreement with its lenders, including a suspension of interest and principal payments.
Fitbit announced a new Ready for Work solution to help employers with the challenge of returning to the workplace during the COVID-19 pandemic. Fitbit’s Ready for Work solution gives employees access to key health metrics from their Fitbit device along with exposure, symptom and temperature logging, all within a Daily Check-In feature that provides employees with guidance on whether to go into the workplace.
Retail sales rose dramatically in May as retailers and other businesses closed by the coronavirus pandemic began to reopen, but remained well below spending levels seen during the same period a year ago, the National Retail Federation said.
McRae Industries Inc., the maker of military combat boots and western and work boots, reported revenues for the third quarter of fiscal 2020 ending on May 2 of $14.29 million as compared to $18.6 million for the third quarter of fiscal 2019. The company experienced a net loss for the third quarter of fiscal 2020 in the amount of $504,000, or 22 cents a share, compared to net earnings of $386,000, or 16 cents, for the third quarter of fiscal 2019.
24 Hour Fitness on Monday filed for bankruptcy protection as the gym chain deals with the fallout from closures due to the coronavirus. In an affidavit, Daniel Hugo, chief restructuring officer, wrote, “Put simply, the COVID-19 pandemic upended the debtors’ operating model, leaving the debtors without a source of revenue to fund their operations.”
24 Hour Fitness has filed for bankruptcy after the COVID-19 pandemic forced its facilities to shut for months. The chain has permanently closed 100 U.S. locations in 14 states with roughly 300 clubs remaining.
Hit by a double-whammy of closures of stores and resorts to slow the spread of the coronavirus, sales across the snowsports industry were down 43 percent in dollars and 45 percent in units in the month of March according to SIA’s U.S. Snow Industry Retail Market Report. The tough month caused the snow industry to show a near mid-single-digit decline for the 19/20 snow season.
On Monday, NYC started to reopen 100 days after the city reported its first case of the coronavirus. As the epicenter of the outbreak here in the U.S., many stores are offering curbside and in-store pickup. More top National Stories and the Latest Headlines across the Active Lifestyle Market during the week of June 8, 2020 follow in this week’s reporting in the SGB Updates.
Varsity Brands Holding Co. and its Hercules Achievement subsidiary are jointly offering $100 million of senior secured notes due 2024. The proceeds will be used to pay down borrowings on its revolving credit facility.