Shares of Coach Inc (NYSE:COH) ended Friday session in red amid volatile trading. The shares closed down -0.83 points or -2.22% at $36.59 with 3.56 million shares getting traded. Post opening the session at $37.25, the shares hit an intraday low of $36.43 and an intraday high of $37.41 and the price vacillated in this range throughout the day. The company has a market cap of $3.91 billion and the numbers of outstanding shares have been calculated to be 278.94 million shares.
Coach Inc (COH) on August 2, 2016 announced the sale-leaseback of its global headquarters at 10 Hudson Yards in New York City. The Company received a purchase price of approximately $707 million (net of $77 million due to the developer of Hudson Yards) before transaction costs of $26 million, resulting in a gain of about $30 million which will be amortized over 20 years. Coach has simultaneously entered into a 20-year lease for the headquarters space.
Victor Luis, Chief Executive Officer of Coach, Inc., said, “We are very pleased to monetize our investment in Hudson Yards, where we were the first company to commit to the project and will be the largest tenant in the new building. We are bringing both our brands – Coach and Stuart Weitzman – together under one roof, in a modern work space, very much reflective of the Coach values and sensibility.”
“Coach has called New York City home since we were founded seventy-five years ago. We have long been part of this neighborhood and we are thrilled to be part of the new Hudson Yards development that is bringing opportunity, culture, and commerce to a great part of Manhattan. The overall design, the community integration with culture and the High Line as well as the modern amenities will continue to make Hudson Yards a sought-after destination.”
Shares of Hanesbrands Inc. (NYSE:HBI) ended Friday session in red amid volatile trading. The shares closed down -0.26 points or -1.00% at $25.70 with 3.55 million shares getting traded. Post opening the session at $25.79, the shares hit an intraday low of $25.53 and an intraday high of $25.80 and the price vacillated in this range throughout the day. The company has a market cap of $9.62 billion and the numbers of outstanding shares have been calculated to be 377.80 million shares.
Hanesbrands Inc. (HBI) on September 2, 2016 announced the company is donating more than 23,000 items of clothing to residents affected by devastating flooding in Louisiana.
HanesBrands is partnering with Fashion Delivers, a New York based charity, to distribute three trailer loads of first-quality product, including T-shirts, socks, bras, underwear and other apparel, to flood victims.
“We have all seen the devastation the Louisiana floods have caused on so many levels – especially to the lives of the thousands of people directly affected, “HanesBrands is happy to provide this assistance and hope that it can provide some real help in this time of need,” said Chris Fox, HanesBrands vice president for corporate social responsibility.