Under Armour is selling MyFitnessPal and exiting stores
November 2, 2020
While other companies are “all in” on fitness platforms primarily resulting from the growing online workout boom, Under Armour is taking a loss on its MyFitnessPal acquisition it made just five years ago for $475M. The company is selling the diet- and exercise-tracking app to investment firm Francisco Partners for a mere $345 million. Ouch. Read more on Tech Crunch. The company also announced earnings last week that remained relatively flat at $1.4B for the third quarter. Taking a cue from rival Nike’s recent decision to go direct and cut ties with Zappos, Belk, Dillards, Under Armour said it plans to exit 2,000 to 3,000 stores in North America, its largest market. Read more here.