SGB Update Sports & Fitness
NBA Doesn’t See Decision On League Resumption Until At Least May
NBA Commissioner Adam Silver said Monday night that the decision on whether the league can resume won’t happen until May 1 at the earliest.
Report: MLB Potentially Playing All Games In Arizona
According to the Associated Press, Major League Baseball and the MLB Players Association have been discussing the idea of playing the 2020 season entirely in Arizona.
Report: Dick’s Moves To Reduce Or Stop Paying Rent
Dick’s Sporting Goods is sending letters to landlords indicating that will reduce or outright not pay rent due to the “unprecedented situation” created by the COVID-19 pandemic.
BSN Sports Steps-Up To Help Coaches And Athletic Directors
BSN Sports, a division of Varsity Brands, announced a series of initiatives to allow coaches and athletic directors across the country to remain connected to and engaged with their teams during the coronavirus outbreak and resulting school closures. The digital offerings are being offered free of charge.
PVH Completes Sale Of Speedo North America Business To Pentland Group
PVH Corp. completed the sale of its Speedo North America business to Pentland Group, the parent company of the Speedo brand, for $170 million in cash, subject to a working capital adjustment.
Nike Announces Additional Round Of COVID-19 Donations
Nike Inc. will provide an additional $1.6 million to help local organizations meet immediate needs, such as food assistance and medical care, in key cities and communities around the world where its employees live and work.
Survey Explores How COVID-19 Crisis Is Shaking Up Cities Hosting Major Sports Events
Global communications agency BCW (Burson Cohn & Wolfe) released results of a new survey focused on the impact of COVID-19 on cities hosting major sporting events. The key findings revealed that the current situation and disruption in the international sports event market by the COVID-19 virus will likely lead to significant strategic adjustments for many cities significantly involved in event hosting.
Acushnet Withdraws Guidance Due To Coronavirus Disruption
Acushnet Holdings Corp., the parent of Titleist, FootJoy and KJUS, said in a regulatory statement it has withdrawn its guidance for 2020 and increased borrowings under its credit facility due to the “unprecedented uncertainty” caused by the coronavirus pandemic.
Herff Jones To Launch New Virtual Commencement Platform
Herff Jones, a division of Varsity Brands and provider of graduation and educational products, announced an exclusive collaboration with MarchingOrder and StageClip on a virtual commencement solution.
ClassPass Lets Go 53 Percent Of Employees
ClassPass, the fitness membership subscription service, is reducing its staff by 53 percent of its staff, with 22 percent laid off and 31 percent furloughed, according to CNBC.
Under Armour Announces COVID-19 Actions, Details 2020 Restructuring Plan
Under Armour Inc. announced actions it is taking to address the financial impact of the COVID-19 pandemic. Additionally, the company’s Board of Directors has approved a previously planned restructuring initiative designed to rebalance its cost base to further improve future profitability and cash flow generation.
Ironman Announces Technogym As Official Global Fitness Equipment Partner
The partnership will debut with the recently announced Ironman Virtual Racing (VR) Series. The partnership will also include Technogym’s involvement with the 2020 Ironman World Championship in Kailua-Kona, Hawai’i, as well as the 2020 Ironman 70.3 World Championship in Taupō, New Zealand, scheduled for October and November, respectively.
Fanatics Partners With New England Patriots
The New England Patriots and Fanatics announced a 10-year e-commerce partnership that will have Fanatics operate the online and mobile retail merchandise business for the six-time Super Bowl champions. The team will continue to operate their Patriots Pro Shop stores at Gillette Stadium and Patriot Place.
Puma SE To Suspend Dividend Payment
Puma SE said it is suspending dividend payment, as well as reducing expenses and securing additional financing, as the coronavirus pandemic has caused a “major decline in net sales and cash inflow.”
Canadian Tire Taking Measures To Preserve Liquidity
Canadian Tire Corp. said it is taking aggressive action to preserve its cash position and financial flexibility. The company also noted that online sales at SportChek are running strong amid the coronavirus pandemic as Canadians purchase health and fitness products.
