Boston-based athletic retailer City Sports Inc. filed for Chapter 11 bankruptcy protection Monday after more than 30 years in business. The company said it has entered into an agreement with liquidators Tiger Capital Group to close eight of its 26 stores.
The Boston Business Journal reported that the filing was coordinated with secured creditors, which could help the company recover from bankruptcy faster than in cases where secured creditors dispute the claims.
City Sports said it is working to find a buyer that would continue operations or shut down its remaining 18 stores located across the Northeast. The company listed both assets and liabilities in the range of $10 million to $50 million. Nike USA Inc., Under Armour Performance Apparel, Asics America Corp., Patagonia Inc. and The North Face were listed as creditors holding the largest unsecured claims.