MC Sports, Gander Mountain face uncertainty
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MC Sports, Gander Mountain face uncertainty
What MC Sports bankruptcy filing will mean for the company’s Onalaska location was unknown Wednesday.
The company, founded in 1946 in Grand Rapids, Mich., announced the bankruptcy filing on Tuesday and said it would begin liquidation sales at all stores.
When reached for comment, MC Sports’ media line played a recorded statement that no further information would be released.
“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,” a statement by MC Sports President and CEO Bruce Ullery read. “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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The announcement said MC Sports, like many retailers in the sporting goods industry has faced increased competition and market disruption. The company has worked to restructure itself as a result, with a focus on moving to larger stores and shedding poor-performing locations.
MC Sports operates 68 locations in seven states throughout the Midwest, including Illinois, Indiana, Iowa, Michigan, Missouri, Ohio and Wisconsin. As part of efforts to explore its options, the company announced it had retained an independent advisory firm, Stout Risius Ross Advisors, LLC.
Gander Mountain, which also has a store in Onalaska, released a rare public statement Wednesday after reports of speculation that the company may pursue a bankruptcy filing of its own. Gander Mountain is one of the nation’s largest outdoor retailers with 162 stores in 26 states.
“Gander Mountain and its ownership group have undertaken a best-practices approach to review our strategic options specific to positioning the company for long-term success,” the statement said. “To assist in this process, we have retained Houlihan Lokey as independent advisers and we are confident that the outcome of the review will identify the right go-forward strategy.”
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