SGB Update Sports & Fitness
Report: Pou Chen To Cut 6,000 Jobs In Vietnam
Taiwan’s Pou Chen Corp., which makes footwear for Nike, Adidas and other athletic footwear companies, plans to cut around 6,000 jobs at its Ho Chi Minh City plant in Vietnam due to weak demand, sources told Reuters.
Nike’s Chief Digital Information Officer Departs
Ratnakar Lavu, Nike’s global chief digital information officer, resigned on February 20, according to Business Insider.
Laurie McCartney, President, NASM And AFAA, Dies Unexpectedly
Laurie McCartney, president of the National Academy of Sports Medicine (NASM) and Athletics and Fitness Association of America (AFAA), died unexpectedly on February 6. No cause of death was shared.
IHRSA Adds Two Board Members
IHRSA appointed Ori Gorfine, president of U.S. Fitness Holdings and Richard Beddie, CEO of ExerciseNZ and the chief of staff to the International Confederation of Registers for Exercise Professionals, to its Board of Directors.
Adidas’ Debt Ratings Downgraded On Slashed Outlook
Moody’s downgraded the debt ratings of Adidas following the company’s steep profit warning for 2023, “signaling a significant and unexpected further downward revision of the company’s financials and credit metrics for the next 12-18 months.”
Pactimo Names Director Of Custom Sales
Denver, CO-based cycling apparel brand Pactimo hired Robert Allen as director of custom sales.
Quell Raises $10M In Series A Funding Round
Quell, the UK-based fitness gaming developer and publisher, completed a $10 million Series A funding round led by Tencent with follow-on investment from Khosla Ventures, Heartcore Capital, Social Impact Capital, and entrepreneur Naval Ravikant.
Life Time To Hold Pickleball Tournaments
Life Time, the operator of over 160 fitness clubs, is bringing nine pickleball tournaments to its locations resulting from alliances with the Professional Pickleball Association and Major League Pickleball.
USA Triathlon Foundation Hires New Chair, Officers
The USA Triathlon Foundation hired Alex Egan as Chair of its Board of Trustees following the Board’s 2022 officer elections. The organization also named three officers.
Blain’s Named One Of America’s Best Employers For Fifth Year
Forbes magazine named Blain’s Farm & Fleet one of “America’s Best Midsize Employers” for the fifth year in a row. In 2023, Blain’s Farm & Fleet ranked as the #1 Wisconsin-based retail and wholesale company.
Penn Entertainment Completes Acquisition Of Barstool Sports
Penn Entertainment, Inc. completed its previously announced acquisition of Barstool Sports, Inc. after securing a three percent stake in Barstool Sports in February 2020. Penn realized the remaining interest in Barstool Sports for approximately $388 million.
Fila Holdings Raises Dividend Payout Ratio For Fifth Consecutive Year
Fila Holdings has raised its total annual dividend payout ratio for a fifth consecutive year, as the company approved during a recent board meeting an annual dividend payment of 45.07 billion Korean won, or 750 won per share.
Olympia Sports Intellectual Property Sold At Auction
The intellectual property and related assets of Olympia Sports, including the trademarks for Olympia Sports, Clever Training and Surf Outfitter, were sold for $180,000 to 54 Glen Cove Realty, LLC at an auction run by Hilco Streambank.
Fleet Feet Franchisee Opens Sixth Store In Washington State
Fleet Feet opened a store in Richland, WA, operated by Julie and Wade Pannell, who own five Fleet Feet stores in Washington state, including Bonney Lake, Spokane, Spokane North, Spokane Valley, and Tacoma.
Hang Ten Brand Heads Back To European Market With New Partner
Hang Ten is back on the European licensing scene, having appointed Plus Licens as its European licensing agent.
