City Sports shuts down online sales and will close stores
10.11.2015 266 views
Sporting goods retail chain City Sports has stopped taking online orders after announcing it is going out of business.
City Sports, No. 748 in the Internet Retailer 2015 Second 500 Guide, started a going-out–of-business sale Friday in its store locations following the announcement. The company had promoted online sales on its Facebook page as recently as Nov. 2, three days before it closed its web store.
The move comes one month after the retailer, which also operates 18 locations, filed for Chapter 11 bankruptcy protection in Delaware. Several major apparel brands are named among City Sports’ creditors in the filing along with the amount of money City Sports owes them, including:
Nike Inc. (No. 61 in the Internet Retailer 2015 Top 500 Guide): $1.27 million
Under Armour Inc. (No. 121): $1.05 million
The North Face (Parent VF Corp. is No. 104): $968,301
adidas America Inc. (No. 246): $482,791
Investment firm Gordon Brothers Group and investment services firm Hilco Merchant Resources are handling the liquidation.
A Gordon Brothers’ spokeswoman declined to comment when asked whether Gordon and Hilco would try and liquidate some of City Sports’ assets online. Retail chain Soccer Post reportedly bought the City Sports name for $400,000 and has future plans for the brand. Soccer Post representatives did not return a request for comment.
Top500Guide.com data shows that City Sports’ online sales grew at a compound annual growth rate of 22.07% over the past five years, going to an Internet Retailer-estimated $11.1 million in 2014 from $4.1 million in 2010.
Source: Internet Retailer
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