SGB Update Apparel
Dick’s Sporting Goods Furloughing ‘Significant Number’ Of Employees
Dick’s Sporting Goods said it will furlough “a significant number” of employees at its stores, distribution centers and corporate headquarters starting Saturday “due to the uncertainty surrounding the length of its store closures.”
Hylete Announces Regulation A Offering.
Hylete, Inc., the fitness lifestyle brand based in Solana Beach, CA, announced a $12 million equity raise under a Regulation A Tier 2 offering. Hylete was founded in 2012 as a direct-to-consumer brand and had 2019 net revenues of over $12.5 million.
NBA Doesn’t See Decision On League Resumption Until At Least May
NBA Commissioner Adam Silver said Monday night that the decision on whether the league can resume won’t happen until May 1 at the earliest.
TJX To Furlough Most Stores, Distribution Center Employees
The TJX Cos. said it will be implementing temporary furloughs after April 11 for the majority of store and distribution center associates in the U.S. after announcing plans to continue its store closures in response to the pandemic. Its top executives have agreed to salary reductions.
Macy’s Announces CFO Exit
Macy’s Inc. announced that Paula Price, executive vice president and chief financial officer, has made the decision to leave the company as of May 31, 2020.
VF Announces Action Plan In Response To COVID-19
VF Corp. said it will reduce the salaries of its executive team over the next four months, keep its stores closed in North America and EMEA until May 3, and has drawn the remaining $1 billion under its revolving credit facility in response to the coronavirus outbreak.
Report: Dick’s Moves To Reduce Or Stop Paying Rent
Dick’s Sporting Goods is sending letters to landlords indicating that will reduce or outright not pay rent due to the “unprecedented situation” created by the COVID-19 pandemic.
The North Face Commits $1 Million In Grants To COVID-19 Recovery Efforts
The North Face announced it will join in the fight against the COVID-19 pandemic with the donation of $1 million in grants through its social advocacy platform, The Explore Fund, as well as the donation of 60,000 gloves to U.S. healthcare professionals and first responders.
Authentic Brands’ Debt Ratings Downgraded
Authentic Brands, which owns a portfolio of over 50 brands that include Spyder, Tretorn, Tapout, Prince and Volcom, had its debt rating downgraded and outlook reduced by Moody’s Investors Service due to disruptions caused by the coronavirus.
PVH Completes Sale Of Speedo North America Business To Pentland Group
PVH Corp. completed the sale of its Speedo North America business to Pentland Group, the parent company of the Speedo brand, for $170 million in cash, subject to a working capital adjustment.
Nike Announces Additional Round Of COVID-19 Donations
Nike Inc. will provide an additional $1.6 million to help local organizations meet immediate needs, such as food assistance and medical care, in key cities and communities around the world where its employees live and work.
Acushnet Withdraws Guidance Due To Coronavirus Disruption
Acushnet Holdings Corp., the parent of Titleist, FootJoy and KJUS, said in a regulatory statement it has withdrawn its guidance for 2020 and increased borrowings under its credit facility due to the “unprecedented uncertainty” caused by the coronavirus pandemic.
Nordstrom Appoints Two New Board Members
Nordstrom Inc. announced the appointment of two new members to its Board of Directors: Jim Donald, co-chairman of Albertsons Companies, Inc., and Mark J. Tritton, president and chief executive officer of Bed Bath & Beyond.
Under Armour Announces COVID-19 Actions, Details 2020 Restructuring Plan
Under Armour Inc. announced actions it is taking to address the financial impact of the COVID-19 pandemic. Additionally, the company’s Board of Directors has approved a previously planned restructuring initiative designed to rebalance its cost base to further improve future profitability and cash flow generation.
Fanatics Partners With New England Patriots
The New England Patriots and Fanatics announced a 10-year e-commerce partnership that will have Fanatics operate the online and mobile retail merchandise business for the six-time Super Bowl champions. The team will continue to operate their Patriots Pro Shop stores at Gillette Stadium and Patriot Place.
