SGB Update Sports & Fitness
Fitness International’s Debt Rating Downgraded
Standard & Poors lowered the issue credit rating of Fitness International LLC, the parent of LA Fitness, to ‘CCC+’ from ‘B”B-‘ with a developing outlook.
Fanatics Partners With NBA To Make Team-Branded Facemasks
Fanatics has partnered with the NBA to make cloth face coverings featuring NBA team and league logos to benefit Feeding America in the U.S. and Second Harvest in Canada.
Report: 24 Hour Fitness Weighs Bankruptcy
24 Hour Fitness has retained Lazard and Weil, Gotshal & Manges to explore financial options including a bankruptcy, according to CNBC.
Life Time’s Debt Rating Downgraded
Life Time Inc.’s debt rating was downgraded by Standard & Poors due to pandemic-related closures.
Nike Signs 2020 WNBA First Draft Pick
Nike has signed Sabrina Ionescu, who was selected first overall in the 2020 WNBA draft and has been the most hyped women’s basketball prospect in recent years.
Neiman Marcus Could File For Bankruptcy This Week
Neiman Marcus Group is preparing to file for bankruptcy as soon as this week, Reuters reported Sunday.
Gyms Rank Among The First To Be Allowed To Re-Open
In a memo issued on Thursday titled “Guidelines for Opening Up America Again,” the White House included gyms among the businesses that could reopen to the general public during “phase one” of its three-part reopening plan to jump-start the American economy.
Academy Sports’ Debt Ratings Downgraded
Moody’s Investors Service downgraded Academy, Ltd.’s corporate family rating (CFR) to Caa2 from Caa1 and probability of default rating (PDR) to Caa3-PD from Caa1-PD.
Lululemon’s CFO Joins Asbury Automotive Group
Patrick Guido, Luluemon’s CFO, will join Asbury Automotive Group. On April 16, Lululemon had announced that Guido was departing the company, effective May 8, for another opportunity.
Delta Apparel Sees Sales Decline In Second Quarter
Delta Apparel said it expects to see a 6 percent decline in sales in its fiscal second quarter ended March 28. Prior to the March impact of COVID-19, the company was on pace to achieve sales growth of approximately 9 percent for the quarter.
IHRSA Continues The Fight To Gain Federal Relief For Industry
IHRSA, the International Health, Racquet & Sportsclub Association, said that since Congress is moving quickly on the next rounds of stimulus relief, it has bulked up its federal lobbying power to ensure the next package provides relief for all of the country’s 40,000 health and fitness club operators.
FESI Survey Finds Significant COVID-19 Impact On European Sporting Goods Market
A survey from The Federation of the European Sporting Goods Industry (FESI) of its members found 45 percent of the companies declaring a loss of turnover ranging between 50 percent and 90 percent since the beginning of the COVID-19 crisis.
Gold’s Gym Permanently Closes 30 Gyms
Gold’s Gym is closing about 30 gyms across the U.S., including all locations in Alabama, St. Louis, and Colorado Springs, CO due to the impact of the novel coronavirus.
Survey Finds Americans Exercising Slightly More Amid Lockdown
According to a survey from Piplsay, Americans are exercising and using fitness apps slightly more during the lockdown caused by the pandemic.
PGA Tour Announces Mid-June Return In Texas
The PGA Tour announced that it would resume its season in mid-June with a tournament in Fort Worth without spectators.
