Another sporting goods chain files for bankruptcy
MC Sports to close all 68 stores, begin liquidation sales
The sports retail industry’s transition to online selling has claimed another victim with the bankruptcy filing of Midwest chain MC Sports. The retailer, known legally as Michigan Sporting Goods Dis-tributors said it plans to immediately begin liquidation sales at all of its 68 stores.
The company left open the possibility that it could remain open in some form through a “going-concern sale,” which would require an outside entity to strike a deal to prop up the brand.
The Grand Rapids, Mich.based company, founded in 1946, employs more than 1,300 workers. The chain reported a net loss of $5.4 million on sales of $174.6 million in its most recent fiscal year, according to a court filing. MC Sports CEO Bruce Ullery, who owns 86% of the company, said in a court filing that “the rapid migration of sales from traditional brick-and-mortar retailers to online resellers,” competing distributors, specialty retailers and “changing consumer preferences” contributed to the company’s demise. MC Sports joins the growing list of sports retailers crushed by the Internet’s rise as a source of specialized sporting goods: Sports Authority. The bigbox store chain liquidated last year.
Golfsmith. The golf equipment chain filed for bankruptcy protection.
Eastern Outfitters. The company that owns discount chain Bob’s Stores and outdoor retailer Eastern Mountain Sports filed for bankruptcy reorganization.
Sport Chalet. The retailer that once had more than 50 stores closed after a big goingout-of-business sale.