SGB Update Apparel
Hanesbrands’ Debt Ratings Outlook Lowered To Negative
Moody’s rating outlook for Hanesbrands Inc. the parent of Champion, was changed to negative from stable to reflect the uncertainty caused by the coronavirus spread. Moody’s wrote, “The apparel sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.”
Skirt Sports Exploring Sale
Skirt Sports, the Boulder-based women’s running apparel brand, has retained Bell Lap Advisors, the M&A advisory firm, to explore new ownership.
G-III Apparel Undergoes Furloughs, Reduces Exec Salaries
G-III Apparel Group Ltd. said that in response to the COVID-19 outbreak, it will be furloughing approximately 60 percent of its wholesale operations segment, effective April 6, 2020.
Asics Opens Access To Asics Studio Workout App
Asics has opened access to the Asics Studio at-home workout app to anyone free of charge as part of its response to COVID-19.
Dick’s Sporting Goods Amends Credit Line
Dick’s Sporting Goods amends the company’s senior secured revolving credit facility arrangement to have $2.1 billion in aggregate commitments, up from a prior level of $1.6 billion.
Bass Pro’s Debt Ratings Outlook Lowered To Negative
Moody’s changed its debt rating of Bass Pro Group, L.L.C. to negative from stable. The change in outlook to negative from stable reflects the risk that Bass Pro’s credit metrics may weaken on a sustained basis as a result of recessionary conditions and declines in discretionary consumer spending.
Yue Yuen’s Revenues Expand 4.2 Percent In 2019
Yue Yuen Industrial (Holdings) Ltd. recorded revenue of $10,105.4 million in 2019, representing an increase of 4.2 percent, compared with the previous year. Profit attributable to owners of the company declined by 2.1 percent to $300.5 million, as compared to $307.1 million recorded for the previous year.
Saucony Run For Good Foundation Marks 15th Anniversary
Saucony marks the 15th anniversary of the brand’s Saucony Run for Good Foundation with the announcement of a new round of grant winners. Established in 2006, the Foundation has awarded more than $1.5 million dollars in grants to 180 schools and community organizations all dedicated to preventing childhood obesity through running and proper nutrition.
New Balance To Make Medical Masks
New Balance said it will be making medical-grade face masks at its U.S. plants as hospitals continue to face shortages of safety equipment amid the spread of the coronavirus.
Stage Stores Provides COVID-19 Business Update
Stage Stores Inc. announced a series of steps the company is taking to reduce costs and preserve liquidity in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic.
Kohl’s Furloughs Workers Amid Extended Store Closures
Kohl’s said it will temporarily furlough store and store distribution center associates, as well as some corporate office associates, whose work has been significantly reduced by the store closures. Kohl’s also announced that it will extend the duration of its temporary store closures until further notice.
USA Cycling Sees 30 Percent Revenue Decline In 2020
USA Cycling said it made the difficult but necessary decision to reduce its staff size by 15 percent and place an additional 25 percent on furlough for two to four months in anticipation of a 30 percent revenue reduction due to the COVID-19 coronavirus pandemic.
Danskin Helps Drive Q4 Growth For Iconix Brand Group
Iconix Brand Group Inc. reported a strong improvement in earnings on an adjusted basis in the fourth quarter due to lower expenses and a small gain in revenue. The gains were helped by a sharp improvement in the Women’s segment led by the Danskin and Rampage brands.
Tilly’s Inc. Announces Additional Actions In Response To COVID-19
In an effort to further improve its financial position and liquidity in light of the COVID-19 pandemic, Tilly’s announced that it has borrowed the maximum available under its credit facility and furloughed all non-management store associates and a portion of its corporate office staff.
S&P Lowers Debt Ratings On Kohl’s And Nordstrom
Standard & Poors (S&P) lowered its debt ratings on Kohl’s Corp. and Nordstrom Inc. due to the coronavirus impact and related economic uncertainty.
