SGB Update Sports & Fitness
Advance To Acquire The Ironman Group
Advance, the owners of Conde Naste, entered into a definitive stock purchase agreement with Wanda Sports Group Company Limited to acquire The Ironman Group in an all-cash transaction.
Moody’s Assigns A1 Rating To Nike’s Proposed Debt Offering, Outlook Revised To Negative
Moody’s Investors Service assigned an A1 rating to Nike Inc.’s proposed senior unsecured note offering. The outlook change to negative reflects the material increase in term debt at a time when there is significant uncertainty around the duration and severity of the coronavirus spread, as well as the impact of store closures and reduced consumer spending on Nike’s revenue and earnings.
Modell’s Seeks Suspension Of Bankruptcy Case
Modell’s Sporting Goods is seeking a 45-day suspension in its Chapter 11 case claiming the COVID-19 pandemic has made it impossible to conduct going-out-of-business sales.
SFIA Provides Small Business Relief Resources Amid COVID-19
The Sports & Fitness Industry Association (SFIA) released resource links to provide the sports industry with a wide range of information regarding small business relief amid the coronavirus outbreak.reak.
Under Armour’s Chief Product Officer To Leave In August
Under Armour Inc. said Kevin Eskridge, chief product officer, will be leaving the company on August 15, 2020 to pursue other interests.
Big 5 Withdraws First-Quarter Guidance
Big 5 Sporting Goods Corp., in a regulatory filing, said that it is withdrawing its fiscal 2020 first-quarter guidance due to the “anticipated material negative impact of COVID-19 on the company’s financial results and the uncertainty related to its duration.”
Dick’s Sporting Goods Cuts Salaries And Expenses, Suspends Stock Buybacks
Dick’s Sporting Goods, in a regulatory filing, announced the temporary reduction in the base salaries of certain executive officers in response to the current business environment as impacted by COVID-19. The retailer also said it’s embarking on a “significant reduction” in expenses and planned inventory receipts, reducing planned capital expenditures, temporarily suspending its share buybacks, and evaluating its dividend program.
Puma Reduces Work Hours For 1,400 Associates
Puma announced that 1,400 associates in Germany would shift to shorter work hours until April 13 as sales slump due to the coronavirus, according to a report from Reuters. Its three top executives will also waive their pay for April.
Deckers Re-Opens Distribution Center
Deckers Brands said that after incorporating enhanced safety protocols, the company has resumed modified operations with limited capacity at its distribution center located in Moreno Valley, CA.
Adidas To Sponsor Bordeaux
France Ligue 1 club Bordeaux will switch its kit supply deal from Puma to Adidas with the start of the 2020/21 season.
Anta Sports Sees First-Half Sales Drop Due To Coronavirus
Anta Sports said it expects a low-double-digit decrease in revenues for the first half of 2020 due to the fallout from the coronavirus, but sales are expected do recover in the second half and growth is still expected for the year.
TaylorMade Golf Appoints New CFO
TaylorMade Golf Company welcomed Rick Paschal as its new chief financial officer. He was at Varsity Brands.
IHRSA Implores Congress To Include Fitness Industry In Stimulus
IHRSA has requested that Congress include health clubs, fitness centers, gyms, studios, and fitness industry suppliers in the economic stimulus package.
International Olympic Committee Considers Postponing Tokyo Games
The International Olympic Committee (IOC) on Sunday said it is considering postponing the Tokyo 2020 Games and would make a final decision within four weeks.
A&G Realty Partners Begins Marketing Of 137 Modell’s Store Leases
A&G Real Estate Partners (A&G) has begun marketing 137 Modell’s Sporting Goods store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia in connection with the 111-year-old retailer’s voluntary Chapter 11 bankruptcy filing and liquidation.
