Under Armour said in a regulatory filing that it borrowed $700 million under its credit facility as a precautionary measure in order to increase its cash position and preserve liquidity given the uncertainty in global markets resulting from the COVID-19 outbreak.
The borrowings were made between March 13 and March 20.
On an update on its COVID-19 response on its website on March 27, Under Armour said, “On Wednesday, our North America teammates were notified that they should plan to continue their current work-from-home status at least through next week, and that they will be notified when the situation allows for them to return to their corporate offices.
“This week, we are also extending the closure of all stores in North America through April 4, 2020. All of our teammates will continue to receive pay during this time. We had previously announced closures of North America stores from March 16 through March 28, 2020.
“The health and safety of our teammates, athletes and customers is our top priority. We continue to monitor the situation globally, and closure decisions are being made on a country-by-country basis as necessary to protect our teammates and customers, in accordance with local authority guidelines.”