SGB Update Sports & Fitness
Yue Yuen’s March Revenues Were Down 24 Percent
Yue Yuen reported sales slumped 23.6 percent in March, improving on the rate of decline seen in February.
Varsity Brands’s Debt Ratings Lowered
Standard & Poors lowered the debt ratings of Varsity Brands Co. Inc., the parent of Varsity Spirit, Herff Jones and BSN Sports, as the COVID-19 pandemic is leading to a growing number of school closures and event cancellations. An emphasis on social distancing and restrictions on large gatherings are also disrupting the company’s business, the rating agency noted.
Chris Paul And Trae Young Headline First-Ever NBA HORSE Challenge
ESPN, the NBA and the National Basketball Players Association (NBPA) announced that Chris Paul, Trae Young and Tamika Catchings will headline the list of eight NBA and WNBA players and legends who will participate in the new NBA HORSE Challenge.
NFL To Raise Funds For COVID-19 Relief Efforts
The NFL announced that the 2020 NFL Draft will serve as a three-day virtual fundraiser benefiting six charities – selected by the NFL Foundation – that are battling the spread of COVID-19 and delivering relief to millions in need.
New Balance Undergoes Furloughs
New Balance has decided to furlough a “portion” of its retail, factory and office workers because of the coronavirus pandemic. The decision will not impact factory workers in Lawrence, MA and Norridgewock, ME who are producing general use face masks for first responders.
Nike To Sponsor Temple University
Nike has signed a deal to replace Under Armour as the sponsor of Temple University, effective July, 2020.
Badger Sport Donates Over $14,000 To First Responders
Founder Sport Group, the parent of Badger Sport, Alleson Athletic, Garb Athletics and ProSphere, announced that initial sales of its Badger Performance Activity Masks have now generated over $14,000 in net proceeds, all of which is being donated to the All Clear Foundation a 501c3 organization dedicated to improving the life expectancy and wellbeing of all First Responders.
Nautilus’ First-Quarter Results Exceed Guidance
Nautilus Inc. reported first-quarter sales rose 11 percent and earnings exceeded expectations although it said it will no longer be providing guidance for the year as the “longer-term impacts of COVID-19 are highly uncertain and cannot be predicted with confidence.”
Teamworks Raises $25 Million
Teamworks, the athlete engagement platform for collegiate and professional organizations, announced it has raised $25 million in Series C funding led by Delta-v Capital.
Headspace Appoints CeCe Morken President And Chief Operating Officer
Headspace, a leading meditation and mindfulness app, announced that CeCe Morken has been appointed to the newly-created role of president and chief operating officer (COO), effective April 15.
Puma Reopens First Location In Wuhan, China
Puma has re-opened its store in Wuhan, China, the city where the coronavirus was first reported. The company plans to re-open its five other stores in the greater Wuhan region by mid-April.
TRX To Provide Professional Education Course Virtually For Free
TRX, the maker of functional training equipment and training content, announced its professional education course — TRX Suspension Training Course (STC) — will be available virtually, and free of charge, in response to the current global climate amid COVID-19.
HanesBrands Takes Actions to Navigate COVID-19 Pandemic
HanesBrands, the parent of Champion, announced that it is taking actions to navigate the global economic environment caused by the COVID-19 pandemic, including limiting discretionary spending, reducing executive pay, managing inventory, leveraging the company’s e-commerce business across the online channel, and diversifying production to include face masks.
Dick’s Sporting Goods Furloughing ‘Significant Number’ Of Employees
Dick’s Sporting Goods said it will furlough “a significant number” of employees at its stores, distribution centers and corporate headquarters starting Saturday “due to the uncertainty surrounding the length of its store closures.”
Hylete Announces Regulation A Offering.
Hylete, Inc., the fitness lifestyle brand based in Solana Beach, CA, announced a $12 million equity raise under a Regulation A Tier 2 offering. Hylete was founded in 2012 as a direct-to-consumer brand and had 2019 net revenues of over $12.5 million.
