SGB Update Sports & Fitness
Nike to Cut Jobs in Technology Division
The shake-up follows leadership changes and layoffs that CEO Elliott Hill implemented as part of his turnaround plan to profitability. Muge Dogan, formerly of Amazon.com, Inc., will remain as the company’s chief technology officer.
Five Iron Golf Franchise to Open in Miami
Owned and operated by Peter McCormick, Alex Zega, Matt Csillag, and David Zabinsky, the 29,500-square-foot venue is schedule to open at The Plaza Coral Gables, a mixed-use development in Miami, in Q1 2026.
Toca Football Raises $35 Million, Extends Partnership with MLS
The U.S.-based indoor soccer experience company that operates two primary businesses: Toca Soccer and Toca Social, raised an additional $35 million in funding, including $15 million in equity and $20 million in debt financing from J.P. Morgan Commercial Banking.
Bodybar Pilates Expands National Footprint with Eight New U.S. Studios in Q1
With a focus on high-demand markets for dynamic group fitness, Bodybar Pilates expanded its national footprint with eight new studios in the first quarter, bringing the total number of open locations to 54.
Nike’s Last Chief Strategy and Transformation Officer Heads to B&BW as CEO
Bath & Body Works has appointed Daniel Heaf as CEO. Most recently, he was Nike’s chief strategy and transformation officer since August 2023. Heaf left Nike in March 2025 after the company eliminated his position.
Xponential Founder and Former CEO Launches New Fitness Franchising Platform
Former Xponential Fitness Founder and CEO Anthony Geisler has launched an aptly-aimed new venture called Sequel Brands, described as a next-generation boutique fitness franchisor, has made its official debut, led by Geisler.
Crunch Fitness Franchisee Opens Florissant, Missouri Location
The new $5 million Crunch Florissant will be managed by the locally owned and operated Crunch Fitness franchisee, The Undefeated Tribe, and located in a former Gold’s Gym.
Report Defines Where U.S. Shein and Temu Shoppers are Spending More After Tariff Hit
To identify where consumers are spending their money, Consumer Edge analyzed shoppers who made at least two purchases at Temu or Shein in January or February 2025 but no purchases in March or April.
Pickleball Kingdom Franchise to Open in Arkansas
The indoor pickleball franchise, announced that its first club will open in Little Rock, AR, in November 2025. The facility will span approximately 30,000 square feet and feature 11 professional-grade indoor courts.
Recover Creates Joint Venture for Recycled Cotton Fiber Production in Central America
The initiative is expected to simplify compliance with the UFLPA for U.S. textile and apparel manufacturers, while addressing the increasing demand for near-shoring.
Foot Locker’s Debt Ratings Placed Under Review Following Dick’s SG’s Offer
Moody’s Ratings placed all Foot Locker, Inc.’s debt ratings on review with direction uncertain following the announcement that Dick’s Sporting Goods, Inc. has entered into a definitive agreement to acquire Foot Locker for an enterprise value of approximately $2.5 billion.
TruGolf Holdings Builds in Q1, Eliminates Convertible Notes and Inks L.I. Franchisee
The three founders of TruGolf agreed to convert existing dividends owed to them into a combination of Class A common stock and Class B common stock. The ability for the noteholders to invest in further tranches of debt will be terminated, and upon the closing of these note exchange transactions, approximately $9.3 million in outstanding debt will be eliminated.
Miura Golf Mourns the Passing of Founder Katsuhiro Miura
A master craftsman of hand-forged golf irons known worldwide for their quality and performance, has passed away at 83. Under the supervision of Miura’s sons, Shinei and Yoshitaka, and grandson, Kokuse, Miura clubs continue to be designed and forged in the company’s factory in Himeji.
Xponential Fitness CEO Mark King to Exit After Less Than a Year at the Helm
The owner of the Club Pilates, CycleBar, StretchLab, YogaSix, Pure Barre, Rumble, BFT, and Lindora fitness and wellness brands put King in a tough position when the company had to restate its 2023 financial statements within nine months of his joining the company as CEO.
Culture Kings Parent A.K.A. Brands Posts 14 Percent U.S. Sales Growth in Q1
The company’s portfolio of brands that includes Culture Kings, Princess Polly, Petal and Pup, and MNML looks to reach at least $600 million in sales in 2025.
