SGB Update Outdoor
GoPro To Lay Off 20 Percent Of Employees In Global Restructuring
GoPro Inc. announced a strategic re-alignment that includes an accelerated shift to a direct-to-consumer strategy. Actions include a $100 million reduction to 2020 operating expenses including a workforce reduction of more than 20 percent, and plans to further reduce non-headcount related operating expenses to $250 million in 2021.
Academy Sports Furloughs Staff
Academy Sports + Outdoors announced that it is temporarily furloughing a substantial number of its corporate office and distribution center personnel effective April 18 in response to the impact of COVID-19. This action follows the furlough of a portion of Academy’s store personnel last week.
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.
Ecco’s 2019 Revenues Climb 3.8 Percent
ECCO reported a slight decline in earnings in 2019. Revenues rose 3.8 percent to €1.36 billion from €1.31 billion.
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.”
Play It Again Sports Parent Sees Modest Q1 Earnings Gain
Winmark Corp. reported earnings of $7.33 million, or $1.87 per share, in the first quarter ended March 28 against $7.28 million, or $1.73, a year ago, representing a gain of 0.7 percent. According to Winmark’s recently-filed 10K, Play It Again Sports’ 2019 system-wide sales were $227 million across its 280 locations.
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.
Columbia Sportswear Furloughs 3,500 Retail Workers
Columbia Sportswear has furloughed 3,500 retail workers and reduced their pay by 75 percent. A restructuring also led to some downsizing at the corporate level.
Canada Goose Bringing Back Up To 900 Workers To Make Medical Gear
Canada Goose Holdings Inc., based in Toronto, announced its plans to ramp up domestic production of personal protective equipment (PPE) for frontline healthcare workers across Canada. Over the next two weeks, the company will begin to reopen all of its eight Canadian facilities and, at full capacity as many as 900 employees will be working to support the efforts.
Canadian Tire Donates $5 Million For Canada’s Frontline Healthcare And Community Workers
Canadian Tire Corp. launched the C$5 million Canadian Tire COVID-19 Response Fund to help Canadians and communities respond to the current COVID-19 pandemic.
Bass Pro Reduces Pay For Executives And Store Managers
Bass Pro’s senior leadership is taking a 20 percent cut in pay as part of a move to absorb the coronavirus fallout, according to a company memo attained by Forbes. Pay for store managers, distribution center managers and other salaried employees will be reduced by 7 to 15 percent.
REI Postpones Billings Opening
REI Co-op’s planned opening of a store in Billings, MT, in spring 2020 has been postponed due to the ongoing pandemic.
Dick’s Sporting Goods Furloughing ‘Significant Number’ Of Employees
Dick’s Sporting Goods said it will furlough “a significant number” of employees at its stores, distribution centers and corporate headquarters starting Saturday “due to the uncertainty surrounding the length of its store closures.”
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.
