MC Sports announced yesterday that the company has filed for Chapter 11 bankruptcy, and has begun the process of store liquidation.
The Grand Rapids-based company operates 68 store locations across the Midwest, including 22 in Michigan, and employs 1,300 people.
In a statement, MC Sports President and CEO Bruce Ullery said that the sports supplier has been unable to compete with online retailers.
More from yesterday's announcement:
Like many retailers in the sporting goods industry, the company has faced increased competition, the blurring of distribution channels by key athletic and outdoor brands, increasing direct to consumer sales by key vendors, and the market disruption and growth of ecommerce. In response to these headwinds, the company has been systematically moving to larger format stores that combine hunting, fishing and outdoor categories with traditional sports gear, footwear, and apparel. In addition, it has worked diligently to shed poor performing locations as lease opportunities became available.
According to the petition, the company has more than $14 million in trade debt, and lost $5.4 million on sales of $174.6 million in its latest fiscal year.
