A Midwest-based sporting goods retail chain, with a local presence, has filed for bankruptcy.
MC Sports, legally known as Michigan Sporting Goods Distributors, announced it plans to begin liquidation sales of all of its 68 stores.
The chain reported a net loss of $5.4 million on sales of more than $174 million in the last fiscal year. MC Sports has a presence in 12 cities in Ohio, according to the company’s website. The company said it 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 e-commerce.”
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“After a valiant and concerted effort by MC Sports’ associates, vendors, landlords, and outside professionals to restructure the Company’s balance sheet and operating performance, the Company was unable to reach an agreement on a viable out of court proposal,” said Bruce Ullery, MC Sports president and CEO. “The only alternative to address our immediate liquidity issues is to commence liquidation sales at all stores, while concurrently expediting our pursuit of alternative financing and going-concern sale options under the protections of Chapter 11.”
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It has local stores in Piqua, Springfield and Wilmington. It is unknown if the stores will close in coming months. The company was founded in 1946 in Michigan, and operates in seven states.
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