Daily News Feed 06/24/2022 Retailers’ Expansion Plans Accelerate In 2022
After a cautious exit from the pandemic that saw retail square footage grow by just 0.3% in 2021, with more stores closing than opening, 2022 is shaping up to be a year of relatively rapid expansion, as retailers are predicting the fastest growth since 2015. REI Berkeley Employees Seek to Unionize
Following in the footsteps of the groundbreaking effort at REI’s SoHo New York City store, staff at the outdoor co-op’s Berkeley, CA store petitioned to hold a vote on whether to unionize with the National Labor Relations Board. KKR Acquires 96% of Accell Group
Accell Group’s acquisition by a consortium led by affiliates of Kohlberg Kravis Roberts & Co. is moving ahead. USWE Sports AB Acquires Giant Loop
The publicly traded Swedish backpack maker has acquired OR-based Giant Loop, which designs and manufactures soft luggage for powersports, for undisclosed terms. Etcetera: Foot Locker, Allbirds, Lids, Rally House
06/23/2022 Smith & Wesson Results Slip, but Supremes Ruling Lifts Shares
Net income dropped 59% in the final fiscal quarter ended Apr. 30 to $36,135,000 from $89,035,000 as revenues declined 44% to $181,299,000 from $322,947,000 on slowing consumer demand for firearms that sent unit sales down about 50%. Infinited Fibers Planning New Infinna Factory
The supplier of recycled textile fiber to Patagonia, Inditex, PVH, and other apparel companies will invest €400 million to convert a former paper mill in Finnish Lapland to a new Infinna production facility. Michael Rubin Selling Sixers, Devils Stake
The Fanatics CEO will sell his 10% share of Harris Blitzer Sports and Entertainment, which owns the Philadelphia 76ers and the New Jersey Devils, clearing the way for the licensing juggernaut’s entry into sports betting.
The Eager Beavertons are throwing in the towel on Russian operations, and will fully withdraw from the country, according to a report from Reuters. Xinjiang Import Ban Goes Into Effect
The Uyghur Forced Labor Prevention Act that prohibits the importation of products made by forced labor in Xinjiang, China, is now in force, under the oversight of U.S. Customs and Border Protection, which released guidelines for importers just last week. R & R Motorsports Sues Bass Pro, Textron
R & R Motorsports and its owner Robert Ross filed suit against Textron, the all-terrain vehicle maker, and Bass Pro Shops in LA district court, alleging the two companies conspired to hold back inventory in order to drive him out of business. Deckers Sues Tommy Hilfiger over Fluff Yeah Knockoffs
Deckers filed suit in Cen. CA district court against Tommy Hilfiger and its parent company PVH Corp. for copying its Ugg Fluff Yeah design and infringing on its trade dress with its Laydown slippers.
06/22/2022 JD Sports Posts Record Results Buoyed by Acquisitions
Sales at the UK-based retail giant’s U.S. banners, which include Finish Line, JD Sports, and the more recently added DTLR Villa and Shoe Palace, soared 47% in the fiscal year ended Jan. 29 to £2,609.2 million ($3,589.0 mm) from £1,780.5 million. China Dongxiang Sees Red Ink as Sales Slip
The Chinese sportswear maker posted a loss of RMB 1,746,944,000 ($275.1 mm) against last year’s RMB 1,810,545,000 in income on revenues down 3% to RMB 1,915,735,000 ($301.7 mm) from RMB 1,969,607,000 for the fiscal year ended Mar. 31. Bipartisan Gun Bill Advances in Senate
The Bipartisan Safer Communities Act is the measure proposed by 10 Republican and 10 Democratic Senators that puts forth several initiatives aimed at reducing gun violence while avoiding any “third rail” issues that have sunk prior efforts. Report: Kohl’s Suitor Getting Cold Feet
Franchise Group is considering lowering its buyout offer for KSS to $50 per share from $60, or possibly pulling out entirely, according to sources close to the matter, CNBC reported. KT Tape Taps Jessica Klodnicki as CEO
Recovery product maker KT Tape appointed former Skullcandy CMO, Jessica Klodnicki as CEO, succeeding Greg Venner. Uptown Sporting Goods to Shutter
Uptown Sporting Goods, a 50-year-old family apparel and sporting goods retailer, plans on closing its Carrol, IA, store, the Carrol Times Herald reported. Etcetera: Nike, Superfeet, Macron
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