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.
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July 17, 2020
How to Pitch and Freelance for Outside Magazine
The publisher of stories about adventure sports, gear, travel, fitness, health, culture, and the environment is always on the lookout for reporting, essays, service pieces, and cultural criticism focused on the outdoor world. If you want to be part of their team, read more on Outside.
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July 17, 2020
Fox drops offer to acquire Mavic, but about 13 potential buyers remain
The thirteen other groups include include several with ties to the bike industry. The Badger is still in the hunt, but French administrators will decide on the winning bid this month. Read more on Bicycle Retailer.
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July 15, 2020
LeMond Bicycles moves $2 million closer to launch
LeMond Bicycles LLC recently raised a bit over $2 million in a private placement investment, possibly bringing the company closer to launching a bike line using technology developed by Greg LeMond's other business, LeMond Carbon. Read more on Bicycle Retailer.
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July 14, 2020
Gold’s Gym To Be Acquired By Berlin’s RSG Group
RSG Group GmbH, the largest fitness center chain in Germany with 246 studios in Germany, Austria, Italy, Poland, and Spain, was selected as the winning bidder to acquire Gold’s Gym in a court-approved auction held on July 13. Read more on SGBMedia.
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July 14, 2020
Yeti Cycles Eliminates ‘Tribe’ From Its Community Name, Marketing
For decades, Yeti Cycles has used the word ‘tribe’ to define fellow Yeti bike riders. That ends on July 14, following a #NotYourTribe Change.org petition that started circulating last week asking Yeti to eliminate “tribe” from its marketing. Read more on GearJunkie.
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July 10, 2020
Mindbody Announces New Leadership Appointments
Mindbody, the technology platform for the wellness industry, announced that the company’s Co-Founder Rick Stollmeyer is transitioning from the role of CEO to executive chair and that the Mindbody Board of Directors has appointed current President Josh McCarter to CEO effective August 1. Current chief technology officer Sunil Rajasekar will assume the role of president, while Aaron...
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July 9, 2020
Big 5 Sees Robust Q2 Profit Turnaround Despite Comps Decline
Big 5 Sporting Goods released upbeat preliminary results for the fiscal second quarter ended June 28. Over the first half of the second quarter, with the pandemic forcing Big 5 to operate with a highly reduced store count, same-store sales decreased by 28.2% compared to the prior-year period. However, as...
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July 7, 2020
Under Armour Looking To Sell MyFitnessPal
Under Armour is looking to sell MyFitnessPal, a smartphone app and website that tracks diet and exercise. Under Armour acquired the app in April 2015 for $475 million, but in March 2018, Under Armour disclosed a data breach of 150 million accounts at MyFitnessPal. Read more on SGBMedia.
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July 6, 2020
How We Can Build an Anti-Racist Outdoor Industry
How We Can Build an Anti-Racist Outdoor Industry. The work must continue long after the protests end. Here’s how to start. Read more on Outside.
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July 1, 2020
Big splash in swim-related markets: HEAD acquires Zoggs
HEAD, the leading global sporting goods group that owns the HEAD, PENN and MARES brands, has announced the acquisition of goggles and swimwear maker Zoggs, which holds leading market positions in the UK, Australia and various distributor markets. Read about it on Endurance Business.
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June 30, 2020
Garmin acquires Firstbeat Analytics
Wearable and GPS application company Garmin is acquiring Firstbeat Analytics, a business that analyzes heartbeat data from consumer devices in the health, wellness, fitness and performance markets. They are planning to integrate Firstbeat's data and analytics capabilities into its range of fitness trackers. Read more on ZDNet.
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June 30, 2020
Gym owners unite to file lawsuit against New York State
Not equal under the law – this is the argument CrossFit athlete Charlie Cassara and a collective of 3,000 gyms across New York claim - that the state allegedly did not allow fitness organizations to prove they could reopen. Cassara and the NY gyms will file a collective class action lawsuit against...
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June 29, 2020
Lululemon To Acquire In-Home Fitness Company MIRROR for $500 Million
lululemon athletica inc. announced that it has entered into a definitive agreement to acquire MIRROR, a leading in-home fitness company that created an interactive workout platform that features live and on-demand classes, for a purchase price of $500 million. Read about it on Shop-Eat-Surf.
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June 25, 2020
Nike Reports $790 Million Quarterly Loss
Nike Inc. reported a loss of $790 million, or 51 cents a share, in the fourth quarter ended May 31, driven by lower revenue and gross margin as a result of the COVID-19 impact on operations. Sales decreased 38% to $6.3 billion. Read more on SGB Online.
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June 24, 2020
CrossFit Has a New CEO and Owner
CrossFit announced it has a new CEO and owner, Eric Roza, replacing former CEO Greg Glassman who resigned after making an insensitive comment on Twitter regarding George Floyd. Read more on Footwear News.
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June 23, 2020
Fleet Feet Finds E-Commerce Boost Amid Pandemic
Fleet Feet has reopened 170 of its 184 stores in some capacity to strong initial results for many franchisees, according to a profile in Forbes. A decision to build a shared, central e-commerce site for all stores proved to be beneficial as stores were closed. Read more on SGBMedia.
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June 22, 2020
CrossFit owner fostered sexist company culture, workers say
Women report getting lewd assessments of their bodies, among other mistreatment from top male management. Read more in NYT.
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June 18, 2020
New Balance is closing its stores for Juneteenth and giving all employees the day off
New Balance will close all operations — including its owned retail stores — on Friday in observance of Juneteenth. Although Juneteenth is not a federal holiday, 47 states and Washington, D.C. recognize the day as either a state holiday or a day of observance. This year, the day has taken on increased symbolic significance...
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June 17, 2020
Sporting goods sales surge 88%
Retail sales rose dramatically in May as retailers and other businesses closed by the coronavirus pandemic began to reopen, although things remained well below spending levels seen during the same period a year ago, the National Retail Federation said. Sporting goods, however, was a bright spot, up 88.2 percent month-over-month...
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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...
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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.
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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...
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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.
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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.
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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.