Another day, another retail bankruptcy, unfortunately.
Eastern Outfitters, parent company of Bob’s Stores and Eastern Mountain Sports, has filed for bankruptcy. It’s the second bankruptcy in a year related to these entities. Last year, Vestis Retail, the umbrella for Eastern Mountain Sports, Bob’s Stores and the now defunct Sports Chalet, filed.
At the time, the company cited increased pressure by going-out-of-business sales at competitor Sports Authority as one reason for its difficulties. Warm weather and snafus related to a software migration added to the often cited issues surrounding shifting consumer behavior.
Discount retailer Bob’s Stores operates 35 stores across the northeast, according to its website. The chain, which launched in 1954 in Middletown, Connecticut, sells apparel and footwear brands for the whole family like Under Armour, Nike, Carhartt, Levi’s, Timberland, New Balance and Adidas.
The Eastern Mountain Sports outdoor chain launched in 1967 and currently operates 60 locations in 12 states in the northeast, according to its site. Brands offered include Columbia, Brooks, Keen, Hunter, Hi-Tec and Saucony.
Eastern Outfitters, which was established after Versa Capital Management purchased the chains from the Vestis bankruptcy, listed assets and liabilities between $100 million and $500 million on court paperwork. At the time of the acquisition, Versa listed revenue of more than $400 million for Eastern Outfitters.
Sports Direct International is in talks to bid on Eastern Outfitters in the bankruptcy auction.
Eastern Outfitters is the latest retail entity to file for bankruptcy. Wet Seal filed for a second bankruptcy last week. Nasty Gal, American Apparel and Aeropostale were among the retailers that filed for bankruptcies in 2016.