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.
June 16, 2020
Bike market skyrockets, with sales up 75% in April
U.S. cycling sales through all retail channels grew 75% in April to a total of about $1 billion in retail sales for the month, according to The NPD Group. NPD said April was the first month since NPD began tracking the cycling market that sales have reached $1 billion in...
June 16, 2020
How one rider got Strava to remove racially offensive segment names
Californian Nehemiah Brown pushed Strava to remove segments in his area that had racially insensitive names. Now, Brown is holding a ride to raise funds for the Equal Justice Initiative. Read more on VeloNews.
June 16, 2020
Former Wigwam CEO sues sock maker for breach of contract after sudden termination in April
The former CEO of Wigwam Mills, Inc. is suing the company for failing to follow the termination procedures outlined in his contract after he said he was fired without cause in April. The lawsuit comes weeks after the century-old sock-making company laid off 121 of its 142 employees because of "unforeseen adverse circumstances" related to...
June 15, 2020
After backlash, Ironman ‘pauses’ Women For Tri Facebook group
Thousands of members left the Women for Tri Facebook group and board members stepped down from their admin roles in response to disputes over posts about #blacklivesmatter. Read more on Triathlete.
June 15, 2020
24 Hour Fitness declares bankruptcy, citing “devastating” coronavirus hit
24 Hour Fitness has filed for bankruptcy protection, marking the second national gym chain to go under since the coronavirus pandemic erupted across the U.S (Gold's Gym filed for bankruptcy last month). The bankruptcy comes one day after the company said it will permanently close 100 locations nationwide. Read more on CNBC.
June 11, 2020
Lululemon earnings miss despite online surge but CEO upbeat on new normal
Lululemon earnings tumbled to 22 cents a share with revenue down 17% to $652 million. E-commerce revenue jumped 68% to $352 million. Digital sales accounted for 54% of total revenue. Read more on IBD.
June 10, 2020
Trek, Specialized move to boost diversity
Two of cycling’s biggest brands — Trek and Specialized — vow to promote diversity in the cycling community. Read more on VeloNews about how they are contributing and what Trek has to say about its police bike program.
June 10, 2020
CrossFit CEO steps down after release of controversial Zoom call
Greg Glassman stepped down as CEO of CrossFit shortly after a report said the founder of the fitness company made several controversial statements during a private Zoom call with gym owners. Glassman's statements on Zoom were reportedly made just hours before he sent a tweet that appeared to make light of...
June 9, 2020
24 Hour Fitness starts to reopen, but S&P downgrades debt rating and potential bankruptcy looms
Gym giant 24 Hour Fitness Worldwide has nearly four million members for its 440 clubs in 14 states, but the coronavirus has been a crippling blow for the chain since it announced the closing of all of its clubs on March 16. Franchises recently reopened in Dallas and Houston, and...
June 8, 2020
Why we can’t (or won’t) let Lance Armstrong go
The recent ESPN 30 for 30 documentary highlights why we're still fascinated by Lance Armstrong. Read more on Triathlon Magazine.