SGB Update Sports & Fitness
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.
Report: Kohl’s Gets Bid For Real Estate
Private equity firm Oak Street Real Estate Capital, LLC has reportedly offered to acquire as much as $2 billion in property from Kohl’s Corp.
True Spec Golf Opens Flagship In Scottsdale
True Spec Golf announced that the company had opened a flagship studio in Scottsdale, AZ.
Imperial Acquires J.T. Spencer
Imperial, the golf headwear brand, announced the acquisition of J.T. Spencer, the American belt manufacturer based in Richmond, VA. J.T. Spencer is the official belt licensee of Peter Millar and operates Peter Millar’s custom logo green grass belt program.
Pou Sheng Appoints New Chairman
Pou Sheng International, Ltd. said Lee Shao-Wu has resigned from the company, including as chairman and executive director. Yu Huan-Chang, its current CFO, replaced him.
New Wave Acquires BTC Activewear
Stockholm-based New Wave Group has acquired 100 percent of the UK promotional, corporate and teamwear apparel company BTC Activewear Limited shares. The purchase of the shares is £33 million on a cash and debt-free basis and a cash transaction.
Lululemon Hikes Outlook As Q2 Comps Jump 23 Percent
Lululemon Athletica, Inc. raised its outlook as sales and earnings in the second quarter easily topped the company’s guidance. Lululemon’s earnings on an adjusted basis grew 33 percent as a comp gain of 23 percent offset gross margin pressures.
New Balance Appoints Global Director Of International Marketing
New Balance hired Romina Bongiovanni as global director of international marketing. She replaces Tim Malone, who joined Crocs as VP of global integrated marketing in May.
