Nike Closes Stores Following NBA Suspension & Coronavirus Impact
Following the suspension of the NBA and other major sports leagues over the coronavirus impact, Nike is closing all of its US stores, along with others worldwide. Under Armour follows.
Susquehanna analyst Sam Poser states, “COVID-19 is impacting Nike’s business inside and outside of China more than we initially anticipated. On top of which, the cancellation of the NBA season until further notice, announced last night, does little to assuage near term nerves.”
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While stores in South Korea, Japan and most of China, and in “many other countries” remain open, those in the US, Canada, Western Europe, Australia and New Zealand will close from Monday (Mar 16) through March 27. Workers are set to receive full pay during the time off.
In addition to Nike and Under Armour, companies like Apple, Urban Outfitters, Glossier, and more have closed amid the novel virus. Walmart and Lululemon are among retailers who are limiting store hours.
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Wholly, the company stated:
“The well-being of our teammates and consumers is our top priority so we have decided to close our stores in multiple countries around the world including in the United States, Canada, Western Europe, Australia and New Zealand to limit the spread of the Coronavirus (COVID-19). These closures will go into effect from Monday, March 16 through Friday, March 27. Customers can continue to shop on Nike.com and on our Nike apps.
We are taking additional steps in other Nike-managed facilities, including the option to work from home, staggered work schedules, social distancing and additional safety and cleaning steps to help protect and support our teammates.
Our Nike-owned stores in South Korea, Japan, most of China and in many other countries are currently open and will continue their normal operations.”