September 15, 2020
On a day when Apple announced it would launch a remote fitness service at $9.99 per month, Peloton said bring it on as it believes it can rely on its total fitness experience and vertical integration to continue building a global fitness community that will poach gym-going consumers who want to workout at home on their own schedule using high quality content and equipment that is serviced well.
The 22-door outdoor retailer filed for protection under Canada’s Companies’ Creditors Arrangement Act, the equivalent of bankruptcy there, and announced that Los Angeles-based PE firm Kingswood Capital Management had agreed to buy its assets for an unspecified price.
Net loss at the Hi-Tec, Magnum, and Tony Hawk brand owner expanded 5% to $1,333,000 in Q2 from a loss of $1,267,000 on 22% lower revenues of $4,379,000 down from $5,603,000, as a 32% reduction in SG&A was not enough to offset its heavy interest burden.
Winchester parent Olin Corp. will pay 102.438% of the principal amount to redeem $600 million of its outstanding 9.75% senior notes that are due Oct. 15, 2023, amounting to a redemption premium of about $14.6 million.