SGB Update Outdoor
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.
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.
Trek Bicycle Launches Free Home Delivery
Trek Bicycle is launching free home delivery throughout the continental U.S. for online bike orders through May 1, 2020 in response to the COVID-19 pandemic.
CODI Issues COVID-19 Update
Compass Diversified Holdings (CODI), the parent of 5.11 Tactical, Velocity Outdoor and Liberty Safe, in a letter to shareholders, said it has a detailed crisis preparedness plan in place and “sufficient liquidity” to manage during the COVID-19 pandemic.
Canadian Tire Taking Measures To Preserve Liquidity
Canadian Tire Corp. said it is taking aggressive action to preserve its cash position and financial flexibility. The company also noted that online sales at SportChek are running strong amid the coronavirus pandemic as Canadians purchase health and fitness products.
Grand Canyon National Park Closes
The Grand Canyon National Park in Arizona announced in a press release on Wednesday that it would close to the public after receiving a request to do so from Coconino County health officials.
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.
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.
Helen Of Troy Provides COVID-19 Update
Helen of Troy, the parent of Hydro Flask, said its executive leadership team is taking temporary salary reductions and it’s introducing cost-containment efforts in response to the impact of COVID-19 on the current business environment. Borrowings were also increased under its credit line.
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.
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.
Wolverine World Wide’s Debt Ratings Outlook To Negative; Liquidity Rating Downgraded
The ratings agency said the outlook change to negative reflects the risk that a prolonged downturn triggered by the rapid spread of the coronavirus (COVID-19) will pressure Wolverine’s revenue and profitability, as well as its ability to reduce leverage over the near-to-intermediate term.
NSSF Donates $25,000 In Support of Newtown And Region’s Virus Responders
The National Shooting Sports Foundation, the trade association for the firearm industry based in Newtown, CT, has made donations totaling $25,000 to three groups supporting the health and welfare of Newtown residents in response to the COVID-19 pandemic.
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.
