BUSINESS NEWS
Want to stay up to date on the latest press releases and business news in the running, cycling and triathlon industries? Scroll below to view all endurance sports business news.
October 8, 2020
Nike Cutting 7-10% of Workforce as Part of Reorganization
Nike CEO John Donahoe sent a letter to employees in June where he wrote the company would overhaul its management structure that would likely result in job cuts. Nike has already laid off more than 100 vice presidents over the summer, and in a note to investors, its overall job...
October 7, 2020
ESPN Poised to Potentially Lay Off Hundreds
The economic shutdown caused by the pandemic is sparking painful fallout for media companies. ESPN could lay off hundreds of – sources pegged the potential number of job losses between 300 to 700 employees. The cuts will hit hardest the ESPN employees who work behind the camera, but some on-camera...
October 6, 2020
Emerald Holding Launches Stock Buyback Plan
Emerald Holding Inc., the parent of Outdoor Retailer, Surf Expo and other trade shows, announced that its Board of Directors has approved the repurchase of up to an aggregate of $20 million of its common stock. The repurchases will be on the open market at prevailing market prices, and will continue...
October 5, 2020
Parent company shutters Bike magazine
A360 Media, which acquired Bike magazine last year, is “pausing” the mountain bike magazine and its digital publications indefinitely. A360 Media notified Bike editorial and sales staffers Friday afternoon that they were being furloughed. On Friday A360 Media also furloughed staff at its Snowboarder and Surfer magazines, and Powder magazine staff will be furloughed Nov. 20. Read more on Bicycle Retailer.
October 5, 2020
Cold weather next challenge for fitness industry.
A chunk of the fitness industry has sustained itself amidst COVID-19 two ways: virtual workouts and outdoor offerings. The latter will become difficult — if not impossible — in much of the nation as fall stretches into winter. What's the plan? Read more on Front Office Sports.
October 5, 2020
A new book on Nike pulls no punches.
We're gonna check it out. According to Outside, 'Win at All Costs' is an indictment of more than just the Nike Oregon Project.
October 2, 2020
Strava Seeks New Investors at $1 Billion-Plus Valuation
Strava Inc., a social network for athletes with nearly 70 million global registered users, is looking to raise its equity by more than $1 billion, also hiring an adviser to raise between $150 million and $400 million. A deal that vaults the company to unicorn status would roughly triple Strava’s...
September 28, 2020
Flywheel Files Chapter 7 Bankruptcy, Closes All Of Its Studios
On Sept. 14, Flywheel Sports Inc. closed its 42 studios, laid off its 1,200 employees and filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in New York. Flywheel had $10 million to $50 million in liabilities and less than $50,000 in assets. Read more on Club Industry.
September 24, 2020
Communication Issue? Echelon’s ‘Prime Bike’ Scrubbed from Amazon
Echelon Fitness went from promoting a “Prime Bike” sold exclusively on Amazon to having all its at-home spinning bikes yanked from the online retail giant for about 24 hours. Read more on Front Office News.
September 22, 2020
Nike Blows Past Analysts’ Estimates, Sending Stock Up High Single Digits
Shares for Nike Inc. are up in the high single digits at market close on Tuesday after the sportswear giant posted better-than-expected earnings and sales. For the three months ended Aug. 31, Nike’s posted diluted earnings per share of 95 cents — up 10% from the prior year and trouncing...