September 11, 2020
The decline in U.S. sporting goods imports accelerated in the second quarter of 2020 to 26.4% following a 13.4% drop in Q1, to a total of $4,175.7 million down from $5,676.4 million last year, as brands moved to slash or postpone supplier shipments for an uncertain future.
After months of on-again, off-again negotiations with several interested buyers, the bankrupt retailer has reached an agreement with mall owners Simon Property Group and Brookfield Property Group to buy it out of bankruptcy for $1.75 billion of cash and new term loan debt.
Net income plunged 76% in the first half to €6,068,000 ($6.7 mm) from €25,287,000 on 24% lower revenues of €222,448,000 ($245.0 mm) from €294,602,000.
Retail imports dropped just 2.3% to 1.92 million Twenty-Foot Equivalent Units in July, up 19.3% from June and handily exceeding the forecast, according to the NRF’s Port Tracker.
A former Fanatics employee is suing the licensed apparel behemoth in a class action filed in FL federal court, accusing it of terminating employees without sufficient notice.
CROX expects revenue in the third quarter to grow about 10% from last year’s $312.8 million.