Coronavirus puts Under Armour's turnaround plan on hold

Under Armour reported a 23 percent drop in sales during the first-quarter as stores were forced to close due to the novel coronavirus outbreak. The athletic wear brand said it planned to cut about $325 million by temporarily laying off retailer workers and other measures. “Since mid-March, as the pandemic accelerated dramatically in North America ... and retail store closures ensued, we’ve experienced a significant decline in revenue across all markets,” CEO Patrik Frisk said in a statement.