Wisconsin Rapids City Times

Top Menu

  • Contact Us
  • E-Editions
  • Business Directory
  • Subscribe

Main Menu

  • Contact Us
  • E-Editions
  • Business Directory
  • Subscribe
  • Contact Us
  • E-Editions
  • Business Directory
  • Subscribe

logo

Wisconsin Rapids City Times

  • Contact Us
  • E-Editions
  • Business Directory
  • Subscribe
Top Stories
Home›Top Stories›MC Sports Files for Chapter 11 Bankruptcy

MC Sports Files for Chapter 11 Bankruptcy

By Julie Schooley
February 16, 2017
1073
0
Share:

By Joe Bachman

According to a press release, MC Sports will file for Chapter 11 bankruptcy.

The move comes as an ongoing process to restructure the company, as they have initiated voluntary reorganization proceedings under Chapter 11 of the U.S. Code in Grand Rapids, Mich. where the company’s headquarters are based.

As a result, MC Sports will immediately liquidate all of its 68 stores, including the Wisconsin Rapids location as of Feb. 14.

“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 MC Sports President and CEO Bruce Ullery. “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.”

“To lead our exploration of alternative options, the company recently retained the independent advisory firm, Stout Risius Ross Advisors, LLC.”

The press release cites increased competition among the sporting goods industry, increased hurdles of blurred distribution channels by outdoor and athletic brands, and the growth of ecommerce and disruption of market growth, among others. The bankruptcy will allow MC Sports to address a number of costs, including long term leases no longer in line with marketing conditions, and the ability to face trade debt.

Founded in 1946 in Grand Rapids, Mich., MC Sports has 68 locations throughout the Midwest, including Illinois, Indiana, Iowa, Michigan, Missouri, Ohio, and Wisconsin.

TagsFeaturedmc sports
Previous Article

Rapid Fire: Your Top Five Weekend Events

Next Article

Assumption High School Honor Roll List

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Top Stories

    Three reappointed to MSTC Board

    April 11, 2015
    By admin
  • Top Stories

    WRPD Looking for a Little Help

    April 11, 2015
    By admin
  • Top Stories

    Nekoosa Students Place in Business Competition; Team Takes Third

    April 16, 2015
    By admin
  • Editorial

    Inviting New Readers, Long-Time Supporters to Take a New Journey with Us

    April 16, 2015
    By admin
  • Top Stories

    NEW: Riverview Discontinuing Rapid Care Services

    April 17, 2015
    By admin
  • Lincoln High School
    Top Stories

    Red Raiders’ Fall Sport Signup Dates

    April 26, 2015
    By admin
Copyright © 2020 Multi Media Channels LLC.
All Rights Reserved. No part of this publication or any of its contents may be reproduced, copied, modified or adapted without the prior written consent of Multi Media Channels LLC.
×