March 27, 2020
Net income more than doubled to RMB 1,499,139,000 ($217.0 mm) in 2019 from RMB 715,263,000 on 32% higher revenues of RMB 13,869,630,000 ($2,007.8 mm) at the Chinese sneaker and apparel brand, up from RMB 10,510,898,000.
A NJ bankruptcy court judge approved the bankrupt retailer’s request to freeze legal proceedings and close down all operations except a skeleton staff, despite objections from landlords.
Under Dog borrowed $700 million from its existing $1.25 billion revolver to increase its cash position and preserve liquidity, adding to the $593 million in long term debt already on its balance sheet that dates back to the connected fitness acquisitions.
The down under retailer closed its stores in New Zealand and Australia, but will continue e-commerce retail in Australia, Europe and the USA.
In a rare bit of good news for sporting goods retail, Fresno city administration said that sporting goods stores were essential and could remain open under the city’s emergency order, the Fresno Bee reported.