SGB Update Apparel
Running Event Organizers Seek Coronavirus Relief
Running USA along with Spartan Race, Ironman, Tough Mudder, Rock & Roll Marathon Series, USA Triathlon, USA Cycling, and imATHLETE / EnMotive has joined together to ask Congress for relief from canceled and postponement of events due to the coronavirus.
Consumers Shifting E-commerce Spending Toward Apparel And Footwear During Coronavirus Outbreak
Consumers in the U.S. are shifting their share of e-commerce spending toward apparel, footwear and accessories as the COVID-19 outbreak continues, according to new data from Klarna, a payments platform.
Athletic Directors Survey Identifies Coronavirus Concerns
A survey of more than 100 athletic directors from the Football Bowl Subdivision (FBS) found athletic academic progress and financial uncertainty were top concerns stemming from the coronavirus pandemic.
Boardriders Announces Coronavirus Response
Boardriders Inc., the parent of Quiksilver, Billabong, Roxy, DC Shoes, RVCA and Element, announced today that it is taking a range of actions to respond to the global health crisis, as well as the associated demand impact that government-mandated shutdowns have had on its business.
Ross Stores Implements Furloughs, Salary Cuts
Ross Stores Inc. said it will temporarily furlough the majority of its store and distribution center employees, as well as some other employees across the business, starting April 5, and until operations can resume in those areas. Top executives will also take pay cuts.
Chinese Government Bans Resuming Team Sports
China reportedly issued an order restricting the resumption of team sports on Tuesday just weeks after the Chinese Basketball Association (CBA) sent a memo announcing plans to resume play in early April.
Academy Sports Remains Open For Business
Academy Sports + Outdoors said in a letter to customers that almost all of its stores and all three of its DCs remain open for business. The retailer said it has been determined to be an essential retailer by several CISA sector standards in part because the retailer’s products are used to counter severe weather season in the southwest region.
Under Armour’s Debt Ratings Downgraded
Moody’s said the downgrade and negative outlook reflect Under Armour’s weak operating performance related to the challenges it is facing in reinvigorating growth in its core North American market and the compounding effects of the unprecedented disruption caused by the rapid global spread of the coronavirus.
Adidas Revokes Decision To Withhold Rent Payments In Germany
Adidas apologized Wednesday for saying it would defer paying rent for stores in Germany that were forced to close by coronavirus lockdowns after facing wide criticism on social media.
Wimbledon Tennis Tournament Canceled Amid Coronavirus Pandemic
Wimbledon tennis championships, due to begin on June 29, have been canceled by organizers because of the ongoing coronavirus outbreak. The move marks the first cancellation of the event since World War II.
L.L.Bean CEO Calls On Federal Government To Assist Middle-Market Retailers
In an interview on CNBC, L.L.Bean CEO Stephen Smith contended that the recently passed $2 trillion stimulus package does not address “middle market retail” companies such as his.
IAF Urges Solidarity In Apparel Supply Chain
The International Apparel Federation (IAF) called on the apparel supply chain and its stakeholders to enact sufficient supply chain solidarity in the face of the coronavirus crisis.
Columbia Sportswear CEO Tim Boyle Cuts Own Salary To $10K, Employees To Receive Regular Pay
Tim Boyle, president and CEO of Columbia Sportswear, will be reducing his annual salary to $10,000. The company plans to continue to offer regular pay to its employees, including those at stores, during the COVID-19 pandemic.
Amer Sports’ Debt Ratings Downgraded
Moody’s assumes Amer Sports’ revenue in 2020 will decline over 20 percent year-on-year due to the worldwide spread of the coronavirus outbreak, particularly across Europe and North America. The ratings agency cited Amer’s products are “highly discretionary” and current restrictions on many traveling and sports activities.
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.”
