MEC Facing Financial Struggles
MEC (Mountain Equipment Co-op) lost Canadian $11.5 million in the year ended February 24, 2019 after restructuring charges against income of C$11.7 million the prior year. According to a report from Canada’s CBC, Canada’s largest outdoor gear retailer’s sales have slowed due to heightened online competition.
Citi Trends Posts Q3 Loss
Citi Trends, which is increasing its emphasis on gift-giving merchandise and away from apparel, reported a loss in the third quarter as comps increased 2.6 percent while increasing its full-year outlook. The retailer also said it plans to annually grow store base by 25 to 30 stores and remodel 50 stores and named Peter Sachse as interim CEO.
Hudson’s Bay Bidding War Heats Up
Hudson’s Bay Company (HBC), the parent of Saks, has received a third – and higher – offer from Catalyst Capital Group to acquire the company.
Easton Diamond Sports Launches “Future of Baseball Social Media” Summit
Easton Diamond Sports on Friday hosted the first-ever “Future of Baseball Social Media” Summit as part of launching the organization’s first annual Team Easton Experience.
Bearpaw Appoints VP Of Sales For North America
Bearpaw appointed Marty Meade as VP of sales for North America effective November 25, 2019. He was vice president of sales and brand manager for Hi-Tec and Magnum Brands.
Gap Downgraded By S&P
Standard & Poors (S&P) lowered the issuer credit rating to ‘BB’ from ‘BB+’. The downgrade reflects our view that Gap Inc.’s performance struggles will persist as it faces a torrent of competitive headwinds and potential distractions from the planned separation of its core Old Navy brand in mid-2020
Pure Fishing Appoints Dave Bulthuis President Of North America
Pure Fishing named Dave Bulthuis the new president of North America. Bulthuis is the former vice president of sales for Costa Sunglasses, where he served in a number of capacities since 2003.
Silofit Raises C$1M In Seed Funding
Silofit, a Montreal-based network of private, on-demand fitness spaces, raised Canadian $1 million in seed funding. The round was led by Whitecap Venture Partners and Courtside Ventures, with participation from NFL player Ndamukong Suh.
SoulCycle CEO Resigns
Melanie Whelan, SoulCycle’s CEO since 2015, has resigned. Sunder Reddy, SoulCycle’s CFO since 2017, will assume the role of interim CEO while a search for a permanent replacement begins.
NRF: Half Of Holiday Shoppers Have Already Started
More than half of consumers have already started their holiday shopping and nearly a quarter of purchases have already been made, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
Moody’s Downgrades Pure Fishing’s Debt Ratings
Moody’s Investors Service downgraded Pure Fishing’s Corporate Family Rating (CFR) to B3 from B2 and revised the rating outlook to negative from stable.
OrderMyGear Promotes Matt Kaplan To SVP Of Revenue
OrderMyGear announced that Matt Kaplan has been promoted to SVP of revenue.
Report: Anta Exploring Sale Of Precor
Anta Sports Products Ltd. , which acquired Amer Sports in March 2019, is exploring a sale of Precor, the fitness equipment maker, after receiving interest from buyers, according to a report from Bloomberg.
Kevin Durant’s Thirty Five Ventures Joins Canopy Rivers’ Strategic Advisory Board
Canopy Rivers Inc. , a Toronto-based venture capital firm specializing in cannabis, has further bolstered its Strategic Advisory Board, adding Thirty Five Ventures, the business owned by NBA star Kevin Durant and sports business executive Rich Kleiman.
Skechers Completes New $500 Million Senior Unsecured Credit Facility
Skechers USA, Inc. announced the closing of a new $500 million, five-year, senior unsecured credit facility. This new credit facility replaces the $250 million asset-backed credit facility that Skechers entered into in 2015, which was due to expire in June 2020.
