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Sporting goods retailer Olympia Sports has filed for Chapter 11 bankruptcy, with plans to close all of its remaining retail locations by the end of the month.
The decision will allow Olympia Sports to retain employees while facilitating the process of its closure after COVID-related issues and online competition led to poor sales.
- Olympia Sports has 324 employees, per court proceedings.
- It has $28.7 million in unsecured debt owed to 570 creditors.
Filing for bankruptcy comes after the Maine-based company initiated a liquidation process in July. At the time, it announced plans to close all of its remaining 35 brick-and-mortar locations by the end of September. At its peak, Olympia Sports operated more than 230 stores.
Olympia Sports was acquired by private equity firm CriticalPoint Capital in 2019 through its athletic footwear and apparel retailer JackRabbit for an undisclosed amount.
Reeling Retailers
Olympia Sports joins a growing list of sporting goods companies taking financial hits.
Big 5 Sporting Goods generated $253.8 million in revenue in Q2 2022, down from $326 million during the same period last year. The company reported net income of $8.9 million during the quarter, down from a record $36.8 million in Q2 2021.
Academy Sports + Outdoors reported a 7.1% year-over-year dip in first-quarter sales — while Dick’s Sporting Goods‘ Q1 revenue was more than $200 million less than Q1 last year.
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