Daily News Feed
Another Urban Retail Chain Bites the Dust, Sues Nike
Sport Zone, which operated 28 stores as recently as Sep., filed for bankruptcy protection in Maryland with estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million.
Aero-X Golf, which sells the Polara golf ball that claims to reduce hooks and slices by up to 75%, filed for bankruptcy protection in VA listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities.
National parks had 18,647,975 visitors in Nov., down 7% from 19,951,263 in 2016, but year-to-date visits inched higher at 316,150,286 vs. 315,380,672.
Slowing Market, Big Writedowns Hurt Q3 Results
The sporting goods industry staggered in the third quarter, with four of five sectors posting earnings declines, sales growth at a lackluster 4% against 7% last year and ROI falling to 7.7% from 9.4%.
It was a tough year for sporting goods with retail disruption, more bankruptcies and the like. Most, but not all, of those with three commas in their net worth seemed to make out fairly well despite the turmoil.
Against the backdrop of a strong consumer economy and favorable trends in weather throughout much of the country, Planalytics and the National Retail Federation reiterated their confidence mid-single-digit growth for Holiday shopping this year.
The outdoor apparel maker, which had planned to shut down operations after the Holiday season, may get a bid from investment firm Vermont Works and Liz Robert, former CEO of Vermont Teddy Bear, according to a report in the Valley News.
The co-op named Wilma Wallace VP, general counsel and legal secretary, Christine Putur chief information officer, and Chris Speyer to head up REI co-op branded products.
Sports Direct U.S. Biz in Red for Initial Period
The newly-acquired Eastern Mountain Sports and Bob’s Stores 49 store and e-commerce operation had sales of £63.9 million ($85.3 mm) in sales for the period from the approval of the bankruptcy sale on May 18 to the end of the interim period on Oct. 23.
Despite challenger Marcato’s backing from some other activist hedge funds, the backing of Vanguard and BlackRock proved decisive as all nine of the board’s nominees were elected.
The son of founder Louis Garneau has been named general manager of Garneau, while his father will remain as president designer, focusing on creative direction for the cycling brand.
Adjusted sales for sporting goods/hobby/book and music stores increased 2.9% to $ 7,281 million in Nov. from $7,075 million, according to Commerce Dept. data.
Top Shelf Sports in Littleton, CO, listed $0-50,000 in assets and $500,000-1,000,000 in liabilities in the petition, which believes there will be funds available for unsecured creditors.
WS and Co., of Canada is recalling about 2,100 Todd Snyder + Champion branded sweatshirts because they don’t meet federal flammability standards.