Midwestern Sporting Goods Chain MC Sports Files For Bankrutpcy, Starts Liquidation Sales

Image courtesy of UpNorthLive.com

In March of last year, sporting goods mega-retailer Sports Authority filed for bankruptcy, apparently kicking off a fad in the industry as smaller chains like Golfsmith and Vestis Retail (twice) filed for bankruptcy protection, and outdoors superstore Gander Mountain is rumored to be considering it. Now a venerable regional chain is joining them: The Midwest’s MC Sports filed for bankruptcy, but is still looking for a buyer.

The chain began in 1946 with a general-purpose clothing store in Grand Rapids, MI called Michigan Clothiers. It specialized as a sporting goods store a few decades later, eventually expanding to 70 stores. The founding family sold the chain in 2000, but the former CEO, a family member, knows why the stores eventually failed.

“We’re very sad about the fact that they had to force into bankruptcy, but that’s the sign of the times,” Morton Finkelstein told local news channel WXMI. The internet is taking over heavily. People don’t shop stores anymore.”

After filing for bankruptcy earlier this week, MC Sports began liquidation sales at all of its stores, mainly to raise some fast cash while the stores seek a buyer. Is there a buyer out there? Based on how other recent sporting goods chain closures have gone, probably not.

“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,” the company’s current CEO, said in a statement shared with local news outlets.

In other words, the company would like to find a new owner or reorganize if someone out there wants to give it a loan, but at the moment it’s super broke and everything must go.

If you still have a gift card or merchandise that needs to be exchanged, both are being accepted at stores, but you should probably hurry.