Mike’s Sporting Goods sells out of $100M in stock
Posted On July 2, 2021
Mike’s Sportswear, the apparel company that owns the NFL’s Denver Broncos, announced Monday that it sold out of all its stock of the team’s gear.
The sports apparel company has been plagued by issues of stock shortages since the NFL suspended the team last month, leading to a string of mass layoffs in late August and September.
On Monday, the company posted a note on its website, saying it has sold out all of its stock.
Mike’s had been on a slow decline since it closed last month.
The company said it was unable to find a buyer for the team.
The company said the company is working with the team to find one.
Mike’s has also been plagued with problems with stock prices since the team began selling season tickets in September.
The Denver Post reported on Sunday that the company has sold more than 2 million season tickets, with more than 4 million tickets purchased for next season.
The NFL’s suspension of the Denver Broncos has been widely criticized as a corporate failure that hurts the company’s ability to provide quality products.
The league has since reversed the decision and issued an apology to the team, and announced it will donate $25 million to help the team recover from the crisis.