BCR Advisory Bankruptcy
Bankruptcy

MC Sports announces bankruptcy filing; liquidation sales

BCR teamComments Off on MC Sports announces bankruptcy filing; liquidation sales

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.

amy@bcradvisoryblog.com'
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.

Similar Articles

BCR Advisory
Bankruptcy

Lenders Seeking Loan Modification After Bankruptcy, Beware!

BCR team

 This article was sourced from JD Supra Business Advisor. Article by Paul Fanning, Norman Leonard. LENDERS CANNOT REVIVE A GUARANTY OBLIGATION DISCHARGED IN BANKRUPTCY WITH A SUBSEQUENT MODIFICATION OR FORBEARANCE AGREEMENT, EVEN WITH NEW CONSIDERATION; AND ATTEMPTING TO DO SO MAY LEAD TO LENDER LIABILITY EXPOSURE.  Recently, a bankruptcy judge in the United States Bankruptcy Court […]

Insolvency Law Change 2017
Bankruptcy Insolvency

Australian Bankruptcy Laws commencing 1 March 2017

BCR team

This article was sourced from Insolvency Interface. Article by Peter Keenan. Some of the changes to the Australia’s bankruptcy legislation approved when the Insolvency Law Reform Act was passed in 2016 will commence on 1 March 2017. The Australian Financial Security Authority (AFSA), the regulator of the Bankruptcy Act, has issued a table listing those […]

BCR Advisory World business
Bankruptcy Finance World business

Bankruptcy Is Not A Borrower Antidote For Loan “Default Interest”

BCR team

This article was sourced from JD Supra Business Advisor. Article by Kevin Brodehl.  Defaulting on a loan typically triggers a higher interest rate — “default interest” — as one of many consequences for the borrower.  (Other consequences include acceleration of the maturity, late fees and penalties, and foreclosure.) Can a defaulted borrower avoid paying default interest […]