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J.C. Penney Plans To Close 242 Locations
J.C. Penney, which filed for bankruptcy protection on Friday, plans to close 242, or 29 percent, of its 846 stores over the next two years, according to a filing with the Securities and Exchanges Commission.
Centric Brands Files For Bankruptcy
Centric Brands Inc., the apparel and accessories licensing firm, voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to execute a debt restructuring.
Monte Rosa Sports Acquires Odlo International
Monte Rosa Sports Holding has acquired Swiss-based apparel specialist Odlo International and its subsidiaries from Herkules Fund III.
Major League Soccer And US Youth Soccer Enter Strategic Partnership
US Youth Soccer (USYS) is pleased to announce that it has agreed to a strategic partnership with Major League Soccer (MLS) in a groundbreaking alliance bolstering player development in the United States.
Nike And Adidas Among J.C. Penney’s Top Unsecured Trade Creditors
Nike was left with an unpaid bill of $32.1 million in the bankruptcy of J.C. Penney, according to court documents. Other firms in the active lifestyle space landing on the list of the top-50 unsecured creditors included Adidas, owed $7.1 million; Supreme International, $5 million; Izod, $4.6 million; and New Balance, $3.2 million.
Under Armour Names Mohamed A. El-Erian As Lead Independent Director
Under Armour, Inc. announced that Mohamed A. El-Erian, a board member since 2018, has been appointed lead independent director of the company’s Board of Directors. El-Erian succeeds A.B. “Buzzy” Krongard, who has served in the lead director role since 2006.
Thin Air Virtual Media Show Invites Retailers To Register
Thin Air, the new virtual trade show for the outdoor industry to be held from June 24 to 26, has opened up registration to outdoor specialty retailers.
The Big Gear Show Postpones Inaugural Event To 2021
The Big Gear Show (BGS), an outdoor industry trade show focused on hardgoods, with an emphasis on paddling, cycling, climbing, and camping gear, announced the cancellation of its inaugural event, originally planned for July 22 to 25 in Salt Lake City.
VF Corp.’s Q4 Sales Sink 11 Percent
VF Corp. reported revenue in the fourth quarter ended March 31 decreased 11 percent on a reported basis and fell 10 percent in constant dollars. Among key brands, currency-neutral sales were down 6 percent at Vans, 13 percent at The North Face, 18 percent at Timberland, and 2 percent at Dickies. Companywide sales and adjusted earnings both missed Wall Street’s targets.
Nike Partners With The University Of Indianapolis
The University of Indianapolis athletics department entered into a multi-year partnership with Nike through BSN Sports. The agreement, which will commence on July 1 is part of BSN Sports’ Collegiate Select program.
Columbia Sportswear To Reopen 30 U.S. Stores With An Eye On Safety And Helping Communities
Columbia Sportswear Co. will reopen 30 Columbia branded stores in ten states on Friday, May 15, 2020, bringing back more than 250 of its furloughed retail workers.
Under Armour Partners With The University Of Texas Rio Grande Valley
Under Armour has become the official athletic footwear, apparel and accessory brand of the University of Texas Rio Grande Valley (UTRGV) in a collaboration with BSN Sports.
Revolve Group’s Q1 Sales Improve 6 Percent
Revolve Group, Inc., a fashion e-tailer aimed at Millennial and Generation Z consumers, reported sales rose 6 percent in the first quarter to $146.1 million from $137.3 million a year ago.
Under Armour Amends Credit Agreement
Under Armour, Inc. entered into an amendment to its loan with JPMorgan Chase Bank that suspends the interest coverage covenant and lowers the debt to EBITDA ratio requirement under its leverage covenant.
Moosejaw, Walmart Collaborate To Launch Two Outdoor Brands
Moosejaw, in collaboration with Walmart, is introducing two gear and apparel lines, Lithic and Allforth. The brands mark the first product collaboration between the two companies since Walmart acquired Moosejaw in 2017.
