#PlaybyPlay;
Lululemon (NasdaqGS: $LULU) and Columbia Sportswear (NasdaqGS: $COLM) Close
Stores in Response to #COVID19, Torque Esports (TSXV: $GAME.V) Partners for
Tournament to Raise Funds for Virus
#Coronavirus Causes #Sports
Cancellations and Postponements, Devastating Revenue in Sports-Related
Industries
Point Roberts, WA, Delta BC March 16, 2020 -
Investorideas.com, a leader in investor news and research issues today’s
edition of Play by Play covering what’s new in sports and e-sports headlines
and recent news from publicly traded companies in the sector.
Listen
to the podcast
Stocks
discussed: (NasdaqGS:LULU) (NasdaqGS:COLM) (TSXV:GAME)
Lululemon (NasdaqGS:LULU) has provided an update regarding concerns
over the continuing spread of Coronavirus. The company will be closing all of
its stores in North America and Europe, from March 16 to March 27, leaving
online shopping as an option. Lululemon CEO Calvin McDonald commented:
“We
are living in uncertain times and we’re learning more about this virus every
day. We are taking this step to help protect our global community, guests and
people, and ensure we are doing our part to prevent the spread of COVID-19
During
this time, lululemon employees will continue to receive pay for all hours they
have been scheduled to work and have access to lululemon’s Global Pay Relief
plan. I’m proud of how our teams are working to create space for our guests to
connect through yoga and meditation classes online.”
Columbia Sportswear Company (NasdaqGS:COLM) has also announced the closure of its
brick and mortar retail stores in North America, from March 16 to 27. Tim
Boyle, Chair, President and CEO of Columbia Sportswear, said:
"The
health and safety of our employees, consumers and the communities where we live
and work is paramount to us. During this temporary closure we are also offering
catastrophic paid leave to our employees most affected by this virus in an
effort to live our values of Doing the Right Thing for our employees, consumers
and communities."
Torque Esports Corp. (TSXV:GAME) has announced
that its esports tournament and broadcast operations group, UMG Media Ltd., has
partnered with FaZe Clan to
create an online Call of Duty: Warzone Pro-AM tournament, called #Fight2Dund,
to raise funds for groups impacted by COVID-19. Torque Esports President and
CEO, Darren Cox said
"People
are starved of entertainment options at the moment and more and more are
turning to live streaming of competitive gaming as part of the massively
growing 'stay at home economy' that the virus outbreak has created.
As
part of that streaming and gaming industry, the chance to team up with FaZe
clan to make a contribution to the wider community like this is the least we
can do. Everyone's lives are being dramatically impacted at the moment and it
was important for Torque Esports and UMG to do our part to help and give
back."
Coronavirus
Causes Sports Cancellations and Postponements, Devastating Revenue in
Sports-Related Industries
Apart from the
increasingly tragic impact of the Coronavirus pandemic on human populations in
terms of hospitalization and fatalities, and its ravaging of the global
economy, it is also causing cancellations and postponements of sports events
throughout the world. According to a CBS report today, the
NBA, NCAA, MLB, NHL, NASCAR, the Premier League, Champions League, Europa
League and many more have all halted or postponed seasons and events.
The NFL season has
already ended, but it has announced that its 2020
draft, which is scheduled from April 23-25 in Las Vegas, will proceed as
planned. However, following guidance from bodies such as the CDC (Centers for
Disease Control and Prevention), the draft will no longer include public fan
events in the city. NFL Commissioner Roger Goodell said:
"This decision reflects our foremost priority --
the health and safety of all fans and citizens. While this outcome is
disappointing both to the NFL and to the Las Vegas community, we look forward
to partnering with the Raiders, the City of Las Vegas and the Las Vegas
Convention and Visitors Authority for a future NFL Draft as well as evaluating
opportunities for other major NFL events in Las Vegas in the future, including
the Super Bowl."
This trend was also
seen in the golf world, perhaps most notably with the postponement of the
Masters, which has not been interrupted since 1943-45 when it was cancelled
during WWII. ESPN quotes Fred
Ridley, chairman of Masters host Augusta National Golf Club:
"We hope this postponement puts us in the best
position to safely host the Masters Tournament and our amateur events at some
later date.”
Naturally all of
these cancellations and postponements do not just mean less entertainment for
fans, but also represent a huge loss in revenue for the leagues, venues, and
many other associated businesses. One of the most significant of these related
industries is the sports betting and gambling market, which has accordingly
come to a halt. An excerpt from a Sports
Illustrated
report on the subject reads:
In 2019 there were approximately $8.5 billion in total
wagers placed on March Madness, with bets coming from about 47 million
Americans. In addition to wagers on the outcomes of games, the average fan filled out four brackets with
a typical entry of around $30. Last March, New Jersey gaming operators brought
in nearly $32 million during March Madness, according to the American Gaming
Association. Nevada sportsbooks
typically handle $500 million a month on sports betting.
Sports Stocks - esports,
sports media, sports teams, sports betting, fantasy sports, sports equipment
and more...
About Investorideas.com - News that Inspires Big
Investing Ideas Investorideas.com
is a recognized news source publishing third party news, research and original
financial content. Learn about investing in stocks and sector trends with our
news alerts, articles, podcasts and videos,
looking at cannabis, crypto, AI and IoT, mining, sports biotech, water,
renewable energy and more. Investor Idea’s original branded content includes
the following podcasts and columns : Crypto Corner , Play
by Play
sports and stock news column, Investor Ideas Potcasts Cannabis News and
Stocks on the Move podcast and column, Cleantech
and Climate Change
, Exploring
Mining the AI
Eye .
Disclaimer/Disclosure: Investorideas.com is a digital
publisher of third party sourced news, articles and equity research as well as
creates original content, including video, interviews and articles. Original
content created by investorideas is protected by copyright laws other than
syndication rights. Our site does not make recommendations for purchases or
sale of stocks, services or products. Nothing on our sites should be construed
as an offer or solicitation to buy or sell products or securities. All
investing involves risk and possible losses. This site is currently compensated
for news publication and distribution, social media and marketing, content
creation and more. Disclosure is posted for each compensated news release,
content published /created if required but otherwise the news was not
compensated for and was published for the sole interest of our readers and
followers.
Contact management and IR of each company directly regarding
specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn
more about publishing your news release and our other news services on the
Investorideas.com newswire https://www.investorideas.com/News-Upload/ and
tickertagstocknews.com
Global investors must adhere to regulations of each country.
Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
To contribute interviews, story ideas and
sponsorship opportunities:
Contact
Investorideas.com
800 665 0411
