SGB Update

Zwift Names Amazon Executive As Co-CEO

Zwift hired Amazon executive Kurt Beidler as co-CEO, sharing the role with founder Eric Min. Min has been CEO since Zwift was founded in 2014.

Everlane Secures $25 Million Loan

Everlane Inc. secured a $25 million term loan from Gordon Brothers. The loan is secured by Everlane’s working capital assets.

Athleta Opens Fourth Store In New York City

Athleta, a Gap, Inc. brand, opened its fourth store in Manhattan’s SoHo neighborhood. The 5,000-square-foot space at 594 Broadway is the brand’s 35th new store opening in 2022.

Wolverine’s Debt Ratings Outlook Downgraded To Negative

Moody’s Investors Service changed Wolverine World Wide, Inc.’s debt-ratings outlook to negative from stable. The change in outlook to negative from stable reflects the risk that leverage may remain elevated for a prolonged period given the more promotional retail environment, lower consumer discretionary spending, and unfavorable foreign currency trends.

Urban Outfitters President Exits

Urban Outfitters, Inc. reported that Francis Pierrel, president, Urban Outfitters Group, had left the company.

Salt Life To Open New Doors

Delta Apparel, Inc. reported plans to open four Salt Life stores in early 2023. In Florida, Salt Life Pembroke Pines will open in January 2023, with Salt Life Pompano Beach and Salt Life Viera following shortly after that. In New Jersey, Salt Life Long Branch will open in the early spring of 2023.

Newell Brands Adds Board Member

Newell Brands reported that Stephanie Stahl was elected to its Board of Directors effective January 1, 2023. With her appointment, the size of its Board increases from ten members to eleven.