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MC Sports announces bankruptcy filing; liquidation sales

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This article was sourced from Fox 17 online. Article by Bob Brenzing.

GRAND RAPIDS, Mich. – A Grand Rapids-based sporting goods retailer has filed for bankruptcy protection.

MC Sports announced Tuesday they are reorganizing the company under Chapter 11 of the bankruptcy code.

The company has 68 locations in seven states and operates a ski shop at Cannonsburg Ski Area.  The announcement did not address any store closings, but says stores will begin liquidation sales at all locations, to “address our immediate liquidity issues.”

In a statement the company says they and others in the sporting goods industry have faced increased competition and the growth of ecommerce, amongst several factors.  The filing, the company says, will help address a number of “legacy costs, including long term leases that are no longer in line with current market conditions.” They say they’ve been working to close poor performing locations as lease opportunities became open.

The company was founded 1946 in Grand Rapids.  The MC stands for “My Community.”

More details will become available via Fox 17 online.

 

For specialist advice regarding your specific circumstances, please contact the BCR team.

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BCR team
The BCR Advisory team are a national represented firm with its main office located in Sydney. It is a boutique corporate advisory, recovery and insolvency firm that specialise in the SME market. The team’s reputation is built on their extensive experience within the industry as well as their fresh and innovative approach to problem solving for distressed business owners.Let us know what you thought about this article by leaving a comment below. Alternatively, you can get in touch with the BCR Advisory through our contact page.

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