Under Armour Announces Layoffs, Extends Store Closings [TheStreet.com]
Under Armour, Inc. Class C (UA)
Last under armour, inc. class c earnings: 2/11 06:55 am
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Source: TheStreet.com
Shares of Under Armour(UAGet ReportAs part of a restructuring plan that already was in the works before the pandemic raged, “the company expects to incur total estimated pretax restructuring and related charges in the range of $475 million to $525 million during 2020,” Under Armour said in a statement.In February, the company said the cost would likely max out at $425 million."In these unprecedented and challenging times, the majority of stores where Under Armour is available remain closed, contributing to a significant decline in revenue," Under Armour CEO Patrik Frisk said in a statement."While we're thankful for the meaningful balance sheet improvements we've driven over the past two years and we are seeing some early signs of recovery in our Asia Pacific region, this unanticipated shock to our business has been acute, forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand,” Frisk added.Company stores are c
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