Sources: VF Selling Sports Group To Fanatics Angels P Talks Committing Future Earnings To Fantex MJ's Son Partners With Tech Startup WaitTime Nike Posts Solid Q3 Amid Adidas Resurgence GoPro To Cut 270 Full-Time Jobs Dodgers Owner Leads $100M DraftKings Investment Adidas' CCM Hockey Brand Up For Sale Again Dick's Ed Stack Outlines Plan To Grow Market Share SMI's Total Revenue For FY '16 Up 3% Churchill Downs Inc. Net Income Of $108.1M In '16
BIG MOVES AT JUMBOSPORTS: CEO RESIGNS, EXECUTIVES SHUFFLE
Published December 9, 1997
JumboSports Chair & CEO Stephen Bebis "resigned Monday after failing to lead the money-losing sporting goods chain to a promised turnaround," according to Kris Hundley of the ST. PETERSBURG TIMES. Jack Bush, a retail consultant and member of JumboSports' Board of Directors, will replace Bebis. Additionally, CFO Ray Springer has been promoted to acting President & COO (ST. PETERSBURG TIMES, 12/9). DETAILS: The 85-store chain's "management upheaval" comes five days after it reported a 3Q loss of $45.8M and announced plans to "pull out of" the Atlanta, Houston and Detroit markets. Also, third quarter sales in stores that have been open more than a year were down 5.4%. Bebis, who joined JumboSports in early '96, could not be reached for comment. The company's release did not offer details on his future plans (ST. PETERSBURG TIMES, 12/9). ANY REMEDY? In Tampa, Aissatou Sidime reports that Springer plans to "fine tune" the merchandise in the company's stores and "increase marketing." Springer said that he "expects to end the year with a total sales increase", but that sales at stores open more than a year "will probably fall" (TAMPA TRIBUNE, 12/9).