SGB Update Apparel
Neiman Marcus Could File For Bankruptcy This Week
Neiman Marcus Group is preparing to file for bankruptcy as soon as this week, Reuters reported Sunday.
Academy Sports’ Debt Ratings Downgraded
Moody’s Investors Service downgraded Academy, Ltd.’s corporate family rating (CFR) to Caa2 from Caa1 and probability of default rating (PDR) to Caa3-PD from Caa1-PD.
Todd Spaletto Out At Wolverine World Wide
Wolverine World Wide reported that Todd Spaletto and the company mutually agreed he will resign as president of WWW’s Michigan Group on or before May 30, according to a regulatory filing.
Lululemon’s CFO Joins Asbury Automotive Group
Patrick Guido, Luluemon’s CFO, will join Asbury Automotive Group. On April 16, Lululemon had announced that Guido was departing the company, effective May 8, for another opportunity.
Stein Mart Calls Off Buyout Plans
Stein Mart Inc. called off plans for a buyout by a private equity firm amid the “unpredictable economic conditions” caused by the COVID-19 pandemic.
Kohl’s Enters $1.5 Billion Asset-Based Revolving Credit Facility
Kohl’s Corp. in a regulatory filing said it has entered a $1.5 billion asset-based revolving credit facility.
Delta Apparel Sees Sales Decline In Second Quarter
Delta Apparel said it expects to see a 6 percent decline in sales in its fiscal second quarter ended March 28. Prior to the March impact of COVID-19, the company was on pace to achieve sales growth of approximately 9 percent for the quarter.
Bench Sold To Wraith
Bench, the British streetwear brand, has been sold to Wraith, the brand’s primary European licensee.
FESI Survey Finds Significant COVID-19 Impact On European Sporting Goods Market
A survey from The Federation of the European Sporting Goods Industry (FESI) of its members found 45 percent of the companies declaring a loss of turnover ranging between 50 percent and 90 percent since the beginning of the COVID-19 crisis.
Stage Stores Seeks Vendors’ Support To Skirt Bankruptcy
Stage Stores Inc. is counting on leeway from vendors to help it avert a bankruptcy filing, according to a report from Reuters.
PGA Tour Announces Mid-June Return In Texas
The PGA Tour announced that it would resume its season in mid-June with a tournament in Fort Worth without spectators.
USTA Pledges $50 Million To Support U.S. Tennis
The United States Tennis Association (USTA) is set to commit more than $50 million in spending to support its sport’s ecosystem, over a multi-year, multi-phase plan response to the expected financial impact generated by the coronavirus pandemic.
Fanatics’ Founder Launches ALL IN Challenge
Fanatics Founder and Executive Chairman Michael Rubin, shown above, launched the ALL IN Challenge, which aims to be the largest digital fundraising movement ever with a goal of raising tens of millions of dollars or more to feed those in need during the COVID-19 crisis and beyond.
VF Corp.’s Dickies Brand To Make 3.4 Million Isolation Gowns For Health Care Workers
Dickies, in partnership with its parent company, VF Corp., announced that it is further supporting the fight against COVID-19 in the U.S. by manufacturing FDA-compliant isolation gowns for hospitals and healthcare workers.
Academy Sports Furloughs Staff
Academy Sports + Outdoors announced that it is temporarily furloughing a substantial number of its corporate office and distribution center personnel effective April 18 in response to the impact of COVID-19. This action follows the furlough of a portion of Academy’s store personnel last week.
