The University of Michigan’s official athletics merchandise partner, M Den, now doing business as Heritage Collegiate Apparel, has filed for Chapter 11 bankruptcy reorganization. It has closed three locations. According to bankruptcy documents, the company owes between $10 and $50 million to between 100 and 199 creditors.
In a statement, the company announced that it would shutter its Detroit location and its location at the Briarwood Mall in Ann Arbor. The company still has three Ann Arbor locations listed on its website.
According to the statement, employees would be offered positions at the other locations or transitional pay. “This decision was not made lightly, and we deeply appreciate the support and loyalty you've shown us over the years at these locations,” the statement said. “Our other locations, as well as our online store, remain open to continue serving you with the same passion and dedication.”
The company filed for bankruptcy on Friday and announced the closure of its location at Novi’s Twelve Oaks Mall on Thursday.
Bankruptcy documents show the company owes a significant amount to top creditors: It owes the university $8.8 million in royalties, $4.2 million to BCS Apparel, $2.5 million to Nike, and over $1 million in trade debt to Champion.
The company also owes rent money at its now-closed locations in Detroit ($265,609), Briarwood ($614,141), and Twelve Oaks ($206,434).
In a recent statement, the Heritage Collegiate Apparel said it is looking for a “potential sale of the company,” and that it will stay open.
In a statement, University of Michigan Athletics spokesperson David Ablauf said the university "don’t have anything to share regarding a new retailer partner." He also said they "look forward to sharing the news when it has been finalized."
The University of Michigan owns Michigan Public’s broadcast license.
