Newell Brands’ Debt Downgraded On Weak Outlook
Moody’s downgraded the debt ratings of Newell Brands due to continued pressure on Newell’s business segments and profitability from weaker consumer demand and inventory destocking, which Moody’s anticipates will continue for the remainder of 2023 and into early next year.
Happy Socks Names New CEO
Happy Socks hired Alexander Meyer as chief executive officer. Most recently, he was chief customer officer at The Bay, the Canadian department store chain.
Life Time Opens Phase I of Life Time at Penn 1 Project
Life Time has opened phase one of its 54,000-square-foot destination at the redeveloped Penn 1 building, as part of the Penn District, located adjacent to Madison Square Garden in the heart of New York City.
Road Runner Sports Partners with PHIT America on Fitness Programs for Kids
Road Runner Sports will significantly expand PHIT America’s programs in U.S. schools as it becomes the Presenting Sponsor of PHIT America’s Amped running/walking fitness program.
Investment Firms Partner to Aggregate Little Gym Franchises in New Venture
Hidden River Strategic Capital and Taurus Capital Partners created Somersault Holdings, LLC. and acquired and aggregated seven franchises within The Little Gym franchise system under one management group.
B2B Surplus Inventory Marketplace Raises $30 Million Series B Round
The company reported it has had a 500 percent increase in uploaded inventory in the last year, with a gross merchandise value (GMV) run rate increasing over 10x year-over-year and the team has doubled in size.
Australian Women’s Footwear Brand Opening U.S. Flagship Store
Frankie4 said it is amplifying its presence in North America with its U.S. flagship store location in Bellevue, WA opening in September, adding a permanent location after the success of its Bellevue Square pop-up shop this past April.
Digital Brands Group Announces 1-for-25 Reverse Stock Split
The company will effect a 1-for-25 reverse stock split of its common stock, par value $0.0001 per share, effective on August 22, 2023, at 12:01 a.m., EST, pursuant to the vote of its shareholders on August 21, 2023.
Tractor Supply Launches Open Buying Days
Tractor Supply said the Open Buying Days are open to individuals and businesses nationwide. The event seeks to uncover unique products that align with Tractor Supply’s purpose – to help customers as they live Life Out Here.
Adidas Renews Partnership With Newcastle United
Adidas renewed its partnership with Newcastle United, the U.K. soccer club that competes in the Premier League, as its kit sponsor.
NBDA Establishes Bicycle Industry E-Bike Safety & Standards Panel
The quarterly platform is expected to serve as a central hub for experts to engage in discussions, share insights and formulate best practices, with the goal of enhancing safety and compliance across the e-bike market.
Canyon Ranch Secures $150 Million Equity Investment
Canyon Ranch, the upscale wellness club based in Fort Worth, RX, reported it secured an investment of $150 million from VICI, a New York-based real estate investment trust specializing in entertainment projects, to support expansion projects.
Lazydays RV Opens Wilmington, OH Location
The company said the new location marks “the exciting beginning of Lazydays expansion into the Northeast region and gives Ohio RVers a premier destination for all their sales and service needs.”
Kontoor Brands Hires New CFO; Current CFO to Retire at Month-End
Current EVP/CFO Rustin Welton will retire from Kontoor after four years with the company. Kontoor hired VF Corp.’s former corporate development VP, Joe Alkire , to replace Welton as EVP/CFO.
Rally House Opens Store in Cleveland Market
Rally House opened a retail store at the Great Lakes Mall in Mentor, OH, just east of the Cleveland metro.
