196. That’s the number of sporting goods stores that are set to close after two retail companies filed for bankruptcy in recent weeks. While the failures of Vestis Retail Group — the operator of retailers Eastern Mountain Sports, Sport Chalet, and Bob’s — and Sports Authority were accelerated by mountains of debt both incurred in recent years, there’s more at work when it comes to the apparent demise of sporting goods retailers. [More]
bankruptcy
Midwest Career College Abruptly Closes Doors, Files For Bankruptcy
By 4.18.16
Thousands of students attending Wright Career College in Oklahoma, Nebraska, and Kansas are now scrambling to figure out how to finish their education after the school abruptly closed its doors and filed for bankruptcy. [More]
Another Sporting Goods Company Files For Bankruptcy; All Sport Chalet Stores Closing
By 4.18.16
With the dust just beginning to settle surrounding the bankruptcy and 140-store closure of sporting goods retailer Sports Authority, another, albeit smaller, outdoor gear retailer is following suit. Vestis Retail Group, the operator of brand Eastern Mountain Sports, Bob’s Stores, and Sport Chalet, officially filed bankruptcy papers today, outlining a restructuring plan that focuses on closing 56 stores. [More]
PacSun Files For Chapter 11 With Restructuring Plan That Will Keep Stores Open
By 4.7.16
As we suspected earlier this week, ’90s mall staple Pacific Sunwear — known as PacSun to all the cool kids — has announced it’ll be filing for Chapter 11. Don’t start your teary farewell speech just yet — the company has a restructuring plan already in place to avoid liquidating its inventory, and will keep stores running throughout the process. [More]
Report: Parent Company Of Eastern Mountain Sports Also Headed For Bankruptcy
By 4.5.16
We can draw only one conclusion from the bankruptcies of Sports Authority and the parent company of Eastern Mountain Sports, Bob’s Stores, and Sport Chalet: Apparently, Americans have stopped going outside. Or maybe there’s some kind of larger business issue with the sporting-goods business sector. Probably the second thing. [More]
Sports Authority Comes To Agreement With Suppliers To Sell Winter Gear
By 4.5.16
Should you trust someone who’s broke to hold on to your stuff and sell it for you? Suppliers to the bankrupt Sports Authority decided that they didn’t, and filed lawsuits to keep the retailer from selling winter sports merchandise and cold-weather gear and to get it back. Now they’ve reached a settlement over the merchandise… now that winter is over, naturally. [More]
PacSun Reportedly Preparing To File For Bankruptcy
By 4.5.16
The bankruptcy rumor mill has been turning yet again, with a new report in the wind that says Pacific Sunwear — commonly known as PacSun — is preparing a Chapter 11 filing. [More]
All Hancock Fabrics Stores Will Liquidate, Close
By 4.1.16
Back in February, the long-troubled craft store chain Hancock Fabrics filed for bankruptcy for the second time in a decade. This time, there will be no reorganization. The chain planned to close 70 stores and tried to find a buyer for the remaining 185 that would keep the open and preserve thousands of jobs across the country. The winning bidder in yesterday’s auction in bankruptcy court was Great American Group, a liquidator. [More]
Debt Relief Company Must Pay $170M For Illegally Charging Customers
By 3.18.16
Back in 2013, the Consumer Financial Protection Bureau sued Morgan Drexen, accusing the debt relief company of deceiving customers with promises of reducing their debt and charging illegal upfront fees to do so. Today, the Bureau announced a federal district court approved a final judgement requiring the company to pay $132.8 million in restitution and a $40 million civil penalty. [More]
5 Strange Things We Learned About Sudden Closures Of Old Country And HomeTown Buffets
By 3.15.16
Earlier this month, buffet restauranteur Ovation Brands filed for bankruptcy and abruptly shut down many of its restaurants — like Old Country Buffet, HomeTown Buffet, Fire Mountain, and Ryan’s Steakhouse — without even a heads-up to its employees. Curious about what drove Ovation into this bankruptcy — the company’s third since 2008 — we took a closer look at some of the court filings, which raised more questions than they did answers. [More]
Here’s The List Of Sports Authority Stores That Are Closing
By 3.3.16
Yesterday, Sports Authority filed for bankruptcy, and right now they have two choices about how to go forward: sell out to a competitor or reorganize the company and their $1.1 billion in debt. they’re kicking off the proceedings by closing 140 stores. Here’s the preliminary list of stores that will close, which are scattered across the country but concentrated in Texas. [More]
Sports Authority Officially Declares Bankruptcy, Will Close Up To 140 Locations
By 3.2.16
As it was foretold, so it has come to pass — and quickly: National retail chain Sports Authority Inc. is filing for bankruptcy today. [More]
Sagging Sports Authority May Sell Stores To Dick’s
By 3.1.16
Last week, it was reported that Sports Authority is preparing to file for Chapter 11 bankruptcy protection in the hope of restructuring its business and shedding hundreds of million in debt. Now comes news that this rebuild may involve selling some of its retail locations to competitors like Dick’s Sporting Goods. [More]
Major Airlines’ Regional Partner, Republic Airways, Files For Bankruptcy Over Pilot Shortage
By 2.26.16
Two years ago, regional airlines warned that new regulations, higher costs of school, and lower salaries had led to a shortage of pilots for the companies that typically handle the smaller, regional routes for larger airlines. Now, one short-haul carrier says that lack of pilots is the reason it’s filed for bankruptcy. [More]
Report: Sports Authority To File For Bankruptcy As Early As Next Month
By 2.24.16
A week after Sports Authority told employees it would close all of its Texas locations, the sporting goods retailer appears to be on the brink of filing for bankruptcy protection and closing nearly half of its stores. [More]
Sports Authority Reportedly Closing All Texas Stores
By 2.17.16
One of the nation’s largest sports retailers is reportedly getting a bit smaller, as Sports Authority is reportedly set to close several stores, including all locations in Texas. [More]
Bankrupt Former RadioShack To Pay Its Property Taxes
By 2.4.16
As the company we once knew as RadioShack winds down its affairs, it’s taking care of some important pieces of business. Like paying its taxes. This week, the company negotiated to pay its property tax balances on its former properties in Texas. [More]
Report: Dov Charney Creating Another Retail Chain In American Apparel’s Likeness
By 2.2.16
Now that Dov Charney’s dreams of owning American Apparel again have been totally and completely dashed, it’s time for a new plan: according to a new report, if he can’t have the company he founded, Charney is just going to start over with a new one. [More]
