Retailer files for bankruptcy
A Grand Rapids-based retailer has filed for bankruptcy.
MC Sports said it filed for Chapter 11 bankruptcy today.
The sporting goods company cited several reasons for the decision, including increased competition, “blurred market distribution and growth of ecommerce.”
The Chapter 11 filing will allow the company to address long-term leases and other costs no longer in line with the company’s future.
The company will be advised by Stout Risius Ross through the process.
“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,” MC Sports President and CEO Bruce Ullery said.
“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.”
MC Sports, founded in 1946, operates 68 locations in seven states: Illinois, Iowa, Indiana, Michigan, Missouri, Ohio and Wisconsin.