ClassPass, the fitness membership subscription service, is reducing its staff by 53 percent of its staff, with 22 percent laid off and 31 percent furloughed, according to CNBC.
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What’s In The Economic Stimulus Package?
Officials from Monument Advocacy, a leading, bipartisan government and public affairs firm in Washington, D.C., Thursday, in a webinar held by the Outdoor Industry Association (OIA), provided a deep dive into what the $2 trillion stimulus package, called the Coronavirus Aid, Relief, and Economic Security (CARES) Act, means for businesses and workers.
Outdoor Industry’s Signature Event Finally Called Off
Outdoor Retailer ended weeks of speculation Thursday afternoon when it finally pulled the plug on Summer Market in response to the coronavirus pandemic, which is ravaging U.S. business activity, including the cancellations of large gatherings like trade shows. OR will now pivot to a digital format, as other events have done in response to the crisis.
Aisle Talk Week Of March 30, 2020
Top National Stories and the Latest Headlines From SGB Updates across the Active Lifestyle Market during the week of March 30, 2020.
Puma SE To Suspend Dividend Payment
Puma SE said it is suspending dividend payment, as well as reducing expenses and securing additional financing, as the coronavirus pandemic has caused a “major decline in net sales and cash inflow.”
CODI Issues COVID-19 Update
Compass Diversified Holdings (CODI), the parent of 5.11 Tactical, Velocity Outdoor and Liberty Safe, in a letter to shareholders, said it has a detailed crisis preparedness plan in place and “sufficient liquidity” to manage during the COVID-19 pandemic.
Canadian Tire Taking Measures To Preserve Liquidity
Canadian Tire Corp. said it is taking aggressive action to preserve its cash position and financial flexibility. The company also noted that online sales at SportChek are running strong amid the coronavirus pandemic as Canadians purchase health and fitness products.
Grand Canyon National Park Closes
The Grand Canyon National Park in Arizona announced in a press release on Wednesday that it would close to the public after receiving a request to do so from Coconino County health officials.
Outdoor Retailer Cancels Summer Market
Outdoor Retailer on Thursday afternoon announced the cancellation of its OR Summer Market show scheduled for June 23-25 in Denver, CO, due to the coronavirus.
Ross Stores Implements Furloughs, Salary Cuts
Ross Stores Inc. said it will temporarily furlough the majority of its store and distribution center employees, as well as some other employees across the business, starting April 5, and until operations can resume in those areas. Top executives will also take pay cuts.
What’s Open? What’s Closed?
A majority of retailers in the active lifestyle space have temporarily closed to fight the spread of the coronavirus pandemic. However, a number of chains, including Academy Sports, Camping World, Hibbett Sports and Scheels, are working to keep most of their stores open, albeit with restrictions.
Chinese Government Bans Resuming Team Sports
China reportedly issued an order restricting the resumption of team sports on Tuesday just weeks after the Chinese Basketball Association (CBA) sent a memo announcing plans to resume play in early April.
Under Armour’s Debt Ratings Downgraded
Moody’s said the downgrade and negative outlook reflect Under Armour’s weak operating performance related to the challenges it is facing in reinvigorating growth in its core North American market and the compounding effects of the unprecedented disruption caused by the rapid global spread of the coronavirus.
Helen Of Troy Provides COVID-19 Update
Helen of Troy, the parent of Hydro Flask, said its executive leadership team is taking temporary salary reductions and it’s introducing cost-containment efforts in response to the impact of COVID-19 on the current business environment. Borrowings were also increased under its credit line.
Adidas Revokes Decision To Withhold Rent Payments In Germany
Adidas apologized Wednesday for saying it would defer paying rent for stores in Germany that were forced to close by coronavirus lockdowns after facing wide criticism on social media.
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