All Corporations articles – Page 93
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News briefs
Animal to close permanently in January
A slow market in the U.K. made worse by the Covid-19 pandemic is leading to the demise of Animal. The British surf fashion brand was begun in 1987 in the town of Poole to sell a hook and loop watch strap-designed by its founders, two surfers: Ian Elliot and Nigel ...
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News briefs
Alibaba to expand its cloud
According to Reuters, Alibaba Group Holding will be investing 200 billion yuan (€26.1bn-$28.3bn) over three years to bolster its data center and develop semiconductors and operating systems for its cloud-computing infrastructure. The Covid-19 pandemic has spurred demand for business software in China, and high data volumes occasioned by quarantines have ...
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Article
VF lowers its outlook, refinances
While releasing new financial data and targets and announcing new measures to refinance itself, VF Corporation indicates that it wants to acquire more fast-growing action brands like Altra or Icebreaker and become more “vertical,” boosting a direct-to-consumer (DTC) business that has come to represent 39 percent of its turnover.
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Article
GoPro will focus more on DTC
While cutting costs, GoPro has decided to shift more of its business to the direct-to-consumer (DTC) channel as its sales have gone down because of the quarantine-shuttered brick-and-mortar retail sector. Accordingly, the American brand of action cameras has hired a chief digital officer – Aimée Lapic, former chief marketing officer ...
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News briefs
Footway’s bid for Sportamore has succeeded
The tender offer launched by Footway for Sportamore has been accepted by 95.9 percent of the Swedish sports e-tailer’s shareholders. Footway, a more international-oriented online shoe retailer, is paying a total of 439 million Swedish kronor (€40.4m-$43.9m) for Sportamore. Because of its de-listing from the Nasdaq Stockholm exchange, the publication ...
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Article
Columbia provides a detailed Covid-19 update
Columbia Sportswear has suspended its quarterly dividend, its stock repurchase program and the guidance that it had given on Feb. 6 for its results in the first half of 2020 and the whole financial year. The company will give a new update when it comes out with its first-quarter ...
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News briefs
Wolverine holding virtual-only AGM
Wolverine Worldwide announced on April 17 that its annual general meeting of shareholders will be held in a virtual-only format on April 30, due to pubic health consideration related to the Covid-19 pandemic. Shareholders who were registered as such on March 18 will be invited to visit a dedicated website ...
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News briefs
Remote voting for Thule’s AGM
Thule Group is encouraging shareholders to exercise their voting rights remotely in advance of the Swedish company’s annual general meeting, scheduled for April 28, in order to minimize the number of people gathered at its location. They have to fill out and send a registration form by April 22 to ...
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News briefs
Big layoffs at Stadium
Just after the announcement of Intersport Sweden’s court-backed reorganization plan, the country’s biggest sporting goods retailer, Stadium, indicated that it was laying off many of its employees because of a big drop in sales, especially in the Stockholm area. Sweden is one of the few countries where retailers that sell ...
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ArticleIntersport Sweden gets protection from creditors
We have already reported about the recent bankruptcy and rescue of Gresvig, the former parent company of Intersport in Norway, and the more recent legal proceedings to save the parent company of Karstadt Sports in Germany. It’s now the turn of Intersport Sweden to seek protection from its creditors through ...
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News briefs
O2Feel funding
O2Feel, the French e-bike brand, has raised €9 million thanks to investments by Compagnie d’Anjou and some partner banks. Based in Wambrechies, in the North of France, O2Feel posted revenues of €15 million in 2019.
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News briefs
Hanesbrands downgraded by Moody’s
Hansebrands, the parent company of Champion, sees its corporate family rating downgraded by Moody’s from ”stable” to “negative.” The rating agency cites the closure of retail stores and the possibility of a protracted reduction in apparel consumption because of the coronavirus outbreak. The company said that it is guaranteeing the ...
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News briefs
Rapala approves share buyback
The annual meeting of Rapala VMC approved on March 26 a proposal that no dividend will be distributed for 2019. It also authorized the board to repurchase up to two million own shares, corresponding to less than 10 percent of its equity until June 30, 2021.
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ArticleDecathlon, Nike and others make anti-virus gear
(Updated on April 8) After a successful experiment in Italy (see our previous issue), Decathlon is working with the same Italian 3D printing specialist to adapt its Easybreathe snorkeling masks for the production of respiratory masks that it is donating to hospitals in France and Spain. It has taken all ...
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Article
Columbia and VF executives cut their paychecks
Without going as far as Tim Boyle at Columbia Sportswear, Jim Rendle, chairman, president and chief executive of VF Corp., has pledged to cut his compensation in half for the next four months to help save cash for the fight against the coronavirus outbreak. Boyle, president and CEO of Columbia, ...
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News briefsVibram pays a 2019 bonus as a positive signal
Like many other companies, Vibram has been hit hard by the current Covid-19 pandemic. Both the research center and production at the Vibram Tech Center in Guangzhou, China, were closed for almost 10 weeks and are now operating at about 80 percent capacity. The production site in Albizzate, near Milan, ...
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Article
Puma will hold a virtual AGM, Adidas will pay rent
Puma announced on April 3 that it was suspending the payment of its dividend for this year. Unlike Adidas, which has decided to postpone its own AGM to a still undefined date, the Wild Cat has decided to stick to the previously scheduled date of May 7, but it will ...
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ArticleGaleria and Karstadt Sports get protection from creditors
Galeria Karstadt Kaufhof (or Galeria for short), the new holding company formed last year from the merger of the Galeria Kaufhof and Karstadt department stores, submitted an application for protection from its creditors which was approved by the local court of Essen on Wednesday. Stressing that the proceedings are not ...
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News briefs
Kathmandu launches an equity increase
Kathmandu is raising additional funds, for a total of NZ$ 207 million (€112.5m-$121.3m) through a series of placements with institutional and other shareholders, offering 1.2 shares for each share in their possession. Institutional shareholders have already taken up 96 percent of their entitlements under a first tranche that ended on ...
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Article
Wolverine wants to save $500 million
As reported in a separate article, Wolverine Worldwide was one of the companies operating in our industry that got the biggest hit on the stock exchange between Jan. 24 and March 31. On March 26, Wolverine released a detailed statement about the proactive and precautionary measures that it is taking ...
