Michigan Based MC Sports Begins Liquidating Stores After Filing Bankruptcy Yesterday
They currently operate 68 stores in seven states, but say they have been unable to compete with online retailers.
Mlive is reporting that Michigan Sporting Goods Distributors, which operates businesses under the names MC Sports, MC Sporting Goods, MC Sport Outdoors Centers and Traverse Bay Tackle filed for Chapter 11 bankruptcy yesterday. The Grand Rapids based company currently employs 1,300 full and part time workers within their 68 stores.
In a press release Bruce Ullery, the company’s president, CEO and largest shareholder for the past 28 years says “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. 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.”
There is an MC Sports on Saginaw Street in Grand Blanc, one on Main Street in Lapeer, and one in Brighton.