SGB Update Outdoor
Sea Otter Classic Postpones April Event
The Sea Otter Classic, the outdoor cycling festival held in Monterey County, CA, has postponed its April event.
Reports: Modell’s Preparing For Bankruptcy Filing
Modell’s Sporting Goods is preparing to file for Chapter 11 bankruptcy, according to reports. Mitchell Modell, CEO, told Bloomberg that Modell’s plans to file with a stalking-horse bidder in place in order to support a sale of the company in a bankruptcy auction.
SMC Acquires Tooling To Produce Omega Carabiner Line
Seattle Manufacturing Corporation (SMC) purchased the tooling and machinery to produce Omega Pacific’s top-selling carabiners – specifically the ISO forged D’s, Ovals, and select HMS models.
Louis Garneau Files For Bankruptcy Protection
Louis Garneau, the cycling apparel specialist, has filed for protection under the Bankruptcy and Insolvency Act in Canada. The company also announced the “temporary” layoffs of 66 employees at its corporate offices in Quebec.
Boardriders’ Debt Ratings Downgraded
Moody’s Investors Service downgraded Boardriders Inc.’s ratings, including the corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, and secured term loan rating to Caa1 from B3. The outlook is stable.
Fox Factory’s Q4 Sales Climb 18.5 Percent
Fox Factory Holding Corp. reported earnings on an adjusted basis rose 12.9 percent on an 18.5 percent revenue gain.
Ross Stores Sees 4 Percent Comp Gain In Q4
Ross Stores Inc. reported earnings per share for the 13 weeks ended February 1, 2020 grew 7 percent to $1.28 on net income of $456 million. Sales for the fourth quarter of 2019 were $4.4 billion, with comparable-store sales up 4 percent on top of a 4 percent gain in the prior-year period.
REI Closes Corporate Campuses Over Coronavirus Precautions
REI, based in Seattle, is temporarily closing three corporate campuses in Washington state to conduct a deep cleaning process after learning that two headquarter employees may have been exposed to coronavirus. REI’s King County and Alderwood stores are also undergoing a deep cleaning.
Montane Acquired By Edinburgh-Based Inverleith
Montane, the U.K. outdoor clothing and accessories company, said Edinburgh-based specialist consumer brand investor Inverleith LLP has secured a majority stake in the company.
Dick’s Sporting Goods To Open Four Stores In March
Dick’s Sporting Goods set plans to open two Dick’s Sporting Goods locations in Chattanooga, TN; and Hagerstown, MD; as well as two Golf Galaxy locations in Warwick, RI; and Berwyn, PA.
Shaun White Ends Olympic Skateboarding Bid
Shaun White, the three-time snowboarding champion, said he won’t try to qualify for the U.S. skateboarding team in that sport’s Olympic debut later this year in Tokyo.
Coronavirus Threatens U.S. Mall Traffic
According to a survey from Coresight Research, nearly three-quarters of U.S. consumers would stay away from malls or shopping centers if the coronavirus outbreak worsens in the U.S.
Winmark’s President Of Franchising Resigns
Winmark Corp., the parent of Play It Again Sports, said Steven A. Murphy, current president, franchising has resigned. Renae M. Gaudette, the company’s vice president, franchising has been named president, franchising;
Columbia Sportswear Warns Of Significant Impact From Coronavirus
In an update, Columbia Sportswear said it its 2020 results “to be significantly affected” by the coronavirus outbreak as the epidemic impacts both its business in the Asia region and its supply chain.
VF Corp. Closes Inaugural €500 Million Green Bond
VF Corp. announced the closing of its €500 million green bond offering, representing the first green bond issued in the apparel and footwear industry. The amount equivalent to the net proceeds from the offering will be used to advance programs within the company’s Made for Change Sustainability & Responsibility strategy.
