SGB Update Sports & Fitness
Rally House Opens Store In Ann Arbor
Rally House opened a store west of the metro area of Ann Arbor, MI.
Import Slowdown Continues As Fed Tries To Rein In Consumer Demand
With inflation continuing and the Federal Reserve hoping to cool demand through higher interest rates, imports at the nation’s major container ports are expected to fall below last year’s levels for the remainder of 2022, according to the monthly Global Port Tracker report released by the National Retail Federation.
Life Time Opens Wall Street Location
Life Time announced the opening of Life Time One Wall Street, the first of three athletic clubs planned to open in New York City by the end of 2022.
Puma’s First Metaverse Experience, Black Station, Debuts At New York Fashion Week
Puma’s first metaverse website experience, called Black Station, featuring exclusive NFTs with limited edition redeemable physical sneakers as part of its ‘Futrograde’ will debut during New York Fashion Week.
Vuori Opens First Store In Connecticut
Vuori has opened a store in Westport, its first Connecticut store.
Todd Krinsky New CEO Reebok
Authentic Brands Group (ABG) has promoted Todd Krinsky as the new CEO of Reebok after acquiring the brand earlier this year. Matt O’Toole, who has led Reebok for the past 15 years, will transition to join ABG as executive chair in January 2023.
Target CEO Brian Cornell To Stay Three More Years
Target said Brian Cornell agreed to remain in his role as CEO for an additional three years. With Cornell’s commitment, Target’s Board of Directors eliminated its retirement policy, designed to initiate a discussion regarding the possible retirement of its CEO at the age of 65.
Peloton May Face Civil Monetary Penalties Related To Treadmill Recall
Peloton Interactive is facing possible civil penalties over its voluntary recall of the Trend+ treadmill, the connected fitness leader disclosed in a regulatory filing. The Tread+ was taken off the market last year following reports that adults, children, pets, and objects had been pulled beneath the equipment and caused the death of a child.
Rally House Opens Storefront In Cincinnati Area
Rally House opened a new store in Liberty Township, North of Cincinnati, OH.
OBIT: Frank’s Sport Shop’s Moe Stein
Moe Stein, president and the iconic face of Frank’s Sport Shop in Bronx, NY, passed away at the age of 93.
G-III Apparel’s Sales Expand 25 Percent In Second Quarter
G-III Apparel Group, Ltd. reported a strong uptick in earnings in the second quarter ended July 31 as sales grew 25 percent. The apparel maker lowered its guidance for the year due to the macroeconomic climate.
Academy Sports Q2 EPS Exceeds Wall Street Targets
Academy Sports reported earnings in the second quarter came in comfortably ahead of Wall Street expectations. Comps declined 6.0 percent against challenging year-ago comparisons but improved sequentially versus the first quarter. The sporting goods chain reiterated its 2022 full-year net and comparable sales guidance.
Castore Secures New Debt Facility
Castore, the UK sportswear brand, has secured a new £50 million ($63 mm) revolving credit facility (RCF), valuing the company at £750 million ($942 mm).
Puma IT Executive Joins Jesta I.S.
Jesta I.S., Inc., a developer of modular cloud solutions and ERP for retailers and brand manufacturers, hired Jon Vacca, its chief operating officer.
New Era’s Debt Ratings Downgraded Due To Increased Financial Sponsor Ownership
S&P Global Ratings lowered its issuer credit rating on New Era Cap LLC to ‘B’ from ‘B+’ following the move by private equity firm ACON Investments in early August to increase its ownership stake significantly in New Era through a non-common equity transaction.
