SGB Update Apparel
Brand Finance Report Sees Significant COVID-19 Impact On Apparel Sector
Nike retained its title as the world’s most valuable apparel brand, brand value up 7 percent, according to the Brand Finance Global 500 2020. However, the report found the apparel sector will be among the most affected by the COVID-19 pandemic.
Dick’s Announces Pricing Of $500 Million Private Offering
Dick’s Sporting Goods Inc. announced the pricing of its offering of $500 million aggregate principal amount of 3.25 percent convertible senior notes due 2025 in a private offering.
Report: J.C. Penney Explores Filing For Bankruptcy
J.C. Penney Co. Inc. is exploring filing for bankruptcy as the pandemic has sidetracked its turnaround plans, according to a report in Reuters.
Under Armour Names Lisa Collier As Chief Product Officer
Under Armour Inc. announced the appointment of Lisa Collier as chief product officer. Collier joins Under Armour after leading NYDJ (Not Your Daughter’s Jeans) as President and CEO from 2016/19. Prior to joining NYDJ, she held numerous positions over her 13-year career with Levi’s Strauss & Co.
Nike Names Ann Hebert VP, GM Of North America Geography
Nike Inc. announced senior leadership changes to continue accelerating growth in its flagship market. Effective June 1, Nike veteran Ann Hebert, vice president of global sales, will become vice president, general manager of North America Geography, succeeding long-time executive Tom Peddie who is retiring from Nike.
Dick’s Seeing ‘Significant’ Traffic Decline Due To COVID-19
In an update on the impact of COVID-19, Dick’s Sporting Goods Inc. said it has seen a “significant reduction in customer traffic and demand” since March 10 resulting from the continued spread of COVID-19, although online growth has accelerated. The retailer also said with moves to bolster its cash position and expand its borrowing capacity, it will “be able to continue operations for several months, even with stores remaining closed.”
Dick’s Announces Proposed Offering Of Convertible Senior Notes
Dick’s Sporting Goods Inc. announced its intention to offer $500 million aggregate principal amount of convertible senior notes due 2025 in a private offering.
Hanesbrands Debt Rating Outlook Lowered
S&P Global Ratings revised its outlook on Hanesbrands Inc., the parent of Champion, to negative from stable. The rating agency said Hanesbrands will face significant sales and profitability declines in the upcoming quarters due to store closures and a drop in consumer spending on nonessential items arising from COVID-19 and resulting in an economic recession.
J.C. Penney’s Debt Rating Downgraded
Moody’s Investors Service downgraded J.C. Penney’s debt ratings and lowered its rating outlook to negative as the widespread store closures as a result of the pandemic is expected to pressure J.C. Penney’s EBITDA, impede its turnaround strategy and weaken its leverage.
Macy’s Retains Lazard To Explore Financing Options
Macy’s Inc. has retained the investment banking firm Lazard to help manage its liabilities and explore options that could include new financing, sources told Reuters. The sources added that no debt restructuring is imminent.
Ebay Names Jamie Iannone Chief Executive Officer
Ebay Inc. announced that the company’s Board of Directors has appointed Jamie Iannone as chief executive officer. Most recently, Iannone was chief operating officer of Walmart eCommerce.
Burlington Stores Furloughs Nearly All Store And Distribution Center Workers
Burlington Stores Inc. said Monday that it has furloughed nearly all of its store associates and distribution center employees. Burlington’s CEO, Michael O’Sullivan, will not take a salary, the company’s Board of Directors will forfeit their cash compensation, and the company’s executive leadership team has voluntarily agreed to decrease their salary by 50 percent.
Nearly 3 of 4 Americans Say They Won’t Attend Games Without Coronavirus Vaccine
Asked what they would do if the leagues resumed play before the development of a vaccine, 72 percent of Americans said they would not attend games, according to a survey released by Seton Hall University’s Stillman School of Business.
Diane Pelkey Joins Chewy
Diane Pelkey, the former long-time SVP of communications at Under Armour, has been appointed head of communications and PR at Chewy, the online pet products retailer.
Duluth Trading Announces Additional Coronavirus Measures
Duluth Trading announced the furlough of 68 percent of salaried staff, a pay reduction for senior leadership ranging from 10 to 20 percent, and temporary raises for workers at distribution centers in response to the extended impact from COVID-19.
