June 11, 2020
Showing just how well positioned its business is to cope with the current environment, the lulunatics reported net income of $28.6 million compared to $96.6 million on a 17% sales decline to $652.0 million against $782.3 million as e-commerce sales surged 70% over a 35% comp last year to $352.0 million, or 54% of total revenue.
In response to criticism that its $20 million pledge to black communities was an inadequate commitment, the Big a upped the ante to $120 Million, and said it would also raise its targets for diverse hiring.
Marcario, who joined Patagonia as CFO in 2008 after spending 15 years in private equity, is stepping down from the top job there on June 12.
In February, Standard & Poor’s revised the PE-owned action sports company’s outlook to negative, and now it has followed through with a downgrade of its issuer credit rating to CCC+ from B-.
Varsity Brands Holding Co. and its Hercules Achievement subsidiary are jointly offering $100 million of senior secured notes due 2024, with the proceeds going to pay down their ABL revolver.
Belle International is selling 276,800,000 shares of its former subsidiary Topsports International, in which it is still the controlling shareholder, for HKD10.50 per share ($375 mm).
The Big a filed suit in Miami federal court against a sealed list of e-commerce websites and marketplace seller IDs that it says are selling counterfeit Adidas merchandise.