All Corporations articles – Page 57
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News briefs
Reebok may lay off 150 people
Reebok is planning to lay off 150 people after the completion of its sale by Adidas to the Authentic Brands Group (ABG) in the course of the first quarter of this year, according to the Boston Globe and Footwear News. The brand employs some 4,000 people around the world, but ...
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News briefsIsbjörn of Sweden may change ownership
Online Brands Nordic, a Swedish investment group, is bidding to acquire Nordic KidsWear, which owns Isbjörn of Sweden, the Swedish brand of sustainable children’s outdoor and ski clothing. It is offering a cash payment of about 17.9 million Swedish kronor (€1.71m-$1.92m), the issuance of 597,165 shares in Online Brands, ...
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News briefs
Gorilla Sports gains foothold in Spain
Gorilla Sports has found a local investor to help it set up a shop in Spain. The German home fitness equipment company is establishing a subsidiary, to be led by Guillem Boix, in Fontcoberta, a city in the Catalonian province of Girona. Offices and warehouse together will occupy about 1,000 ...
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News briefs
Investor calls for Peloton to be sold and its boss to be fired
An activist investor in Peloton Interactive is calling on its board of directors to dismiss its CEO and co-founder, John Foley, and to explore a sale of the company, whose share price has declined drastically due to falling demand for its products and connected fitness solutions. Blackwells Capital, which holds ...
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ArticleKKR offers to buy Accell Group
The bicycle industry continues to boom and is therefore increasingly targeted by investors. After the recent acquisition of Dorel Sports by the Dutch family-owned Pon Holdings group, it’s now the turn for the Dutch Accell Group to announce that a consortium led by the U.S. financial investor KKR (Kohlberg Kravis ...
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Article
Peloton denies plans to pause manufacturing
While confirming that it is re-evaluating its organizational structure and the size of its staff, Peloton Interactive denied a new report that it was going to temporarily halt production of its stationary bikes and treadmills in response to softening demand. John Foley, co-founder and CEO of the American connected fitness ...
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News briefs
Nike, Columbia to begin firing unvaxxed employees
According to Oregonlive, which covers the sportswear giant’s home state of Oregon, Nike was set on Jan. 15 to begin firing employees who were not, by the current definition, vaccinated against Covid-19 and had not received a religious or medical exemption. According to the same source, Columbia Sportswear, also headquartered ...
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Article
Peloton raises prices, contemplates restructuring
The former star of the connected fitness industry and the stock market has asked McKinsey & Co. to review its cost structure with an eye toward cutting overheads by shutting down its new in-house apparel division, which is in litigation with Lululemon, and by eliminating some jobs, according to a ...
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News briefsPolygiene acquires another British antimicrobial additive business
Polygiene has entered into an agreement to acquire the SteriTouch business of Radical Materials, a U.K.-based company, founded in 2003, that is also operating with the product ranges Konduct, Scopic and Steritype. Its SteriTouch range consists primarily of antimicrobial additives for plastics, paints, coatings, silicone, rubber and textiles. The largest ...
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News briefs
Puma starts its own voyage into the metaverse
Joining Nike, Adidas and Under Armour, which recently filed similar trademark applications, the Wild Cat filed its own applications with the U.S. Trademark Office on Jan. 11 to use the Puma mark in virtual content, indicating that it is planning its own journey into the fast-growing metaverse. Specifically, it wants ...
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Article
Tennis-Point to run a pro shop in Spain
Tennis-Point has struck a four-year deal to take charge of and operate under its own banner the pro shop at a well-known Spanish tennis academy, the Emilio Sánchez Academy in El Prat de Llobregat, a municipality outside the city of Barcelona. The deal could lead to other pro-shop opportunities for ...
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News briefs
Moody’s switches Nike’s outlook to stable from negative
Moody’s improved its outlook for Nike’s debt from “negative” to “stable,” due to its recent strong growth in revenues and earnings, “powered by its successful execution of its Consumer Direct Acceleration strategy.” The rating agency confirmed all other ratings for the company, including an A1 senior unsecured debt rating, pointing ...
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News briefs
Nasdaq downgrades Peloton
The Nasdaq stock exchange said it will take Peloton Interactive out of its prime Nasdaq 100 Index on Jan. 24, when it will be replaced by a trucking company. The change follows a drop of 74 percent in the company’s stock market capitalization in the course of 2021. It closed ...
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News briefs
Adidas to establish a basketball hub in Los Angeles
Adidas has leased the equivalent of 9,940 square meters of office space in downtown Los Angeles, according to The Wall Street Journal, apparently to establish a hub for its basketball operations in the U.S., which are currently still based at the company’s North American head office in Portland, Oregon. The ...
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ArticleStockX is reportedly working on its IPO
StockX, the fast-growing auction platform for heritage sneakers and other collectibles, has started working on a public offering with Morgan Stanley and Goldman Sachs, said Bloomberg, quoting “people with knowledge of the matter.” The report, which could not be confirmed, comes a couple of months after StockX announced its first ...
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News briefs
S&P assigns a negative outlook to Crocs
Having completed its review of Crocs following its expensive takeover of Hey Dude, Standard & Poor’s gave a negative outlook to the company, in contrast with the stable outlook assigned by Moody’s. S&P indicated that it might even downgrade Crocs further if it fails to integrate the casual footwear brand ...
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ArticleTaylorMade gets good ratings after hitting $1.4 bn in revenues
Centroid Investment Partners, the South Korean private equity company that bought TaylorMade last spring from KPS Partners, is now seeking to refinance the debt used for that transaction. Moody’s and Standard & Poor’s gave relatively favorable ratings to its refinancing plans, noting that TaylorMade’s sales continued to grow strongly last ...
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ArticleAmer Sports sells Suunto to a Chinese tech firm
Amer Sports revealed an agreement reached with a Chinese technology company, Liesheng, to sell its Finnish-based Suunto brand, which specializes in sports watches, dive computers and other precision sports instruments. Amer said the sale was in line with its strategy to focus on developing internationally recognized sporting goods brands in ...
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News briefs
Adidas starts new share buyback program
Adidas announced the start of the first tranche of its new multi-year share buyback program, announced in December 2021. As part of the program, the company intends to repurchase up to €1 billion worth of its own shares during the first quarter of 2022 alone. The company, which already completed ...
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News briefs
ABG cancels its IPO registration
The Authentic Brands Group has officially withdrawn the application that it had made with the U.S. Securities & Exchange Commission on July 6, 2021 for an initial public offering. ABG, which is still in line to take over Reebok before the end of the current quarter, had indicated in November ...
