July 28, 2020
The gun maker, struggling with a large debt load and the weight of litigation connected to the Sandy Hook killings, has seen even recent sales disappoint because of an inability to acquire raw materials from jittery suppliers and shutdowns of its factories due to the pandemic, despite a recent surge in firearms sales.
Net income soared to $11,136,000 in the second quarter ended Jun. 28 from income of just $28,000 a year ago, on sales that were 5% lower at $227,935,000 down from $240,965,000 including a -4.2% comp.
New York City-based private equity firm Sycamore Partners is leading bids to acquire JCPenney, following the retailer’s May bankruptcy filing, the New York Post reported.
Net income was off 22% to ¥11,543 million ($107.3 mm) in the second quarter from ¥14,716 million on a 12% revenue decline to ¥83,335 million ($774.9 mm) down from ¥94,235 million.
Net income dipped 23% in the second quarter to $2,442,000 from $3,156,000 on 9% lower revenues of $56,186,000 against $61,959,000.
Nike will shut down its third Air Manufacturing Innovation facility in Goodyear, AZ, citing the impact of the Covid-19 pandemic, saying it had decided to reallocate resources to invest in its “biggest opportunities.”
The Eager Beavertons hired former Tesla chief diversity officer Felicia Mayo last year, and have now promoted her to chief talent, diversity and culture officer.
The U.S. Trade Representative approved several more sporting goods categories for exclusions from China 301 tariffs.
GIII is offering $350 million of senior secured notes due in 2025, with the proceeds used to repay its existing term loan facility due 2022, and for general corporate purposes.