SGB Update Apparel
Target Provides Business Update To COVID-19
Target Corp. said that as the COVID-19 crisis has evolved, the company has been experiencing unusually strong traffic and sales. As a result, the company has adjusted the expected timing of some of its strategic initiatives.
Under Armour’s Chief Product Officer To Leave In August
Under Armour Inc. said Kevin Eskridge, chief product officer, will be leaving the company on August 15, 2020 to pursue other interests.
Big 5 Withdraws First-Quarter Guidance
Big 5 Sporting Goods Corp., in a regulatory filing, said that it is withdrawing its fiscal 2020 first-quarter guidance due to the “anticipated material negative impact of COVID-19 on the company’s financial results and the uncertainty related to its duration.”
Camping World’s Debt Ratings Lowered
Moody’s Investors Service downgraded the debt ratings of Camping World due to the potential for ongoing softness in the RV market as the coronavirus likely impacts purchases of big-ticket items.
Dick’s Sporting Goods Cuts Salaries And Expenses, Suspends Stock Buybacks
Dick’s Sporting Goods, in a regulatory filing, announced the temporary reduction in the base salaries of certain executive officers in response to the current business environment as impacted by COVID-19. The retailer also said it’s embarking on a “significant reduction” in expenses and planned inventory receipts, reducing planned capital expenditures, temporarily suspending its share buybacks, and evaluating its dividend program.
Neiman Marcus Exploring Possible Bankruptcy
Neiman Marcus is in discussions with lenders about filing for bankruptcy to restructure its heavy debt load, Bloomberg News reported.
Puma Reduces Work Hours For 1,400 Associates
Puma announced that 1,400 associates in Germany would shift to shorter work hours until April 13 as sales slump due to the coronavirus, according to a report from Reuters. Its three top executives will also waive their pay for April.
Adidas To Sponsor Bordeaux
France Ligue 1 club Bordeaux will switch its kit supply deal from Puma to Adidas with the start of the 2020/21 season.
Anta Sports Sees First-Half Sales Drop Due To Coronavirus
Anta Sports said it expects a low-double-digit decrease in revenues for the first half of 2020 due to the fallout from the coronavirus, but sales are expected do recover in the second half and growth is still expected for the year.
The Buckle Provides Dividend Update In Response To COVID-19 Outbreak
The Buckle, Inc. announced that at its quarterly meeting of the board of directors, held on March 23, 2020, the Board deferred making a decision on dividend payments until its next regularly scheduled Board meeting. The company also announced that both its Chairman, President and CEO have elected to forgo their salary until such time as normal business operations resume.
Nordstrom Halts Dividend, Share Buybacks
Nordstrom Inc. said it was suspending its dividend, drawing down $800 million from a loan facility, and suspending its share buyback program in response to the “rapidly changing market uncertainty” from the COVID-19 pandemic.
TaylorMade Golf Appoints New CFO
TaylorMade Golf Company welcomed Rick Paschal as its new chief financial officer. He was at Varsity Brands.
Gildan Activewear Provides Update Related To COVID-19
Gildan Activewear Inc. provided an update in response to the impact of the coronavirus pandemic (COVID-19) on its business and operations.
VF Corp. Withdraws Guidance, Draws Down $1 Billion From Credit Facility
VF Corp. said it has drawn down $1 billion from its revolving credit facility “in an abundance of caution and as a proactive, precautionary measure” in response to the coronavirus. The company also withdrew its guidance for 2020.
A&G Realty Partners Begins Marketing Of 137 Modell’s Store Leases
A&G Real Estate Partners (A&G) has begun marketing 137 Modell’s Sporting Goods store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia in connection with the 111-year-old retailer’s voluntary Chapter 11 bankruptcy filing and liquidation.
