August 17, 2020
Remington has asked an AL bankruptcy court to auction off its assets in early Sep., a move that plaintiffs’ attorneys fear would shield the company from two major liability cases if approved.
Net income slipped 14% in the first half of 2020 to RMB 683,271,000 ($96.4 mm) from $794,999,000, on revenues that inched down 1% to RMB 6,180,935,000 ($871.8 mm) from RMB 6,254,730,000.
The 281-door off price retailer filed for Chapter 11 protection in Jacksonville, FL, federal bankruptcy court, and intends to liquidate and close all its stores.
Net loss at Brazil’s largest sporting goods retailer, and Nike’s distributor there, was BRL 102,287,000 ($19.0 mm) in the second quarter against a profit of BRL 111,829,000 last year, as closed stores sent revenues tumbling 54% to BRL 312,859,000 ($58.1 mm) from BRL 685,769,000.
The ratings agencies both reviewed ELY following its second quarter earnings release, and Moody’s decided to downgrade its corporate family rating to B1 from Ba3 and probability of default rating to B1-PD from Ba3-PD.
Yeti is suing Fatboy Coolers and GDS Wholesale in West TX federal court for selling hard coolers that it says infringe on its Tundra trade dress.