The sport equipment company Titan Sports has said it is looking to sell its stock amid the fallout from the arrest of two of its top executives on a federal bribery and money laundering conspiracy.
Titan said on Wednesday that its stock price is down by as much as 8% on the day after the arrests, but the company said it expects a “material increase” in sales in the coming weeks.
The company said that it has a plan in place to reduce its debt by selling off assets.
The arrest of Paul E. Baca, a Titan spokesman, on Wednesday came as a result of a plea agreement struck with the Justice Department that also would allow Titan to pay $2.8 million to settle a separate bribery case involving Mr. Baez.
Under the deal, Titan agreed to plead guilty to a single count of conspiracy to commit wire fraud and a charge of mail and wire fraud.
Mr. Baxas arrest follows a series of other arrests of high-profile people on corruption charges in the past year, including a former Democratic congressman and a former senator.
Titans chief executive, Eric Schulz, said that while he hopes Titan will continue to expand its business, the company’s stock price “is no longer reflective of our current business performance.”
Titan Sports, which has been owned by Mr. Schulz since 2013, is one of the few U.S. sports equipment makers to remain profitable and profitable in the wake of the 2010 collapse of the National Football League.
In recent years, Titan has continued to expand into other sports, including professional soccer and tennis.
Titans sports equipment has become a popular brand in the U.K., where it has become the sportswear of choice for the football team.
The firm’s sports equipment line includes a range of sports shoes, helmets, socks and other gear for football, hockey and basketball.
Tobacco maker Altria Group Inc. also owns Titan.