Minnesota Outdoorsman
General Category => Outdoors Discussions => Topic started by: Lee Borgersen on March 03/24/17, 10:06:05 AM
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MC Sports Files for Bankruptcy, Will Close 68 Stores
3/22/17
:cry: ....
Michigan-based MC Sports will join the likes of Gander Mountain in filing for Chapter 11 bankruptcy. The sporting goods store will immediately begin liquidating and closing all of its 68 stores, 22 of which are in its home state of Michigan.
The company said in a statement it was “unable to reach an agreement on a viable out-of-court proposal.” The filing will allow MC to “address a number of legacy costs,” including long-term leases and trade debt that have “hampered the company’s ability to develop a clear path forward.”
According to The Detroit Free Press, MC Sports has more than $14 million in trade debt. $3.8 million due to Nike, $2.4 million due to Under Armour, and hundreds of thousands worth due to others such as Adidas, Columbia Sportswear and Wilson Team Sports.
Piling on top of that, the company has almost $475,000 in debt for media and marketing services, court filings show.
“Like many retailers in the sporting goods industry, the company has faced increased competition, the blurring of distribution channels by key athletic and outdoor brands, increasing direct to consumer sales by key vendors, and the market disruption and growth of e-commerce,” the company stated.
“In response to these headwinds, the company has been systematically moving to larger format stores that combine hunting, fishing and outdoor categories with traditional sports gear, footwear, and apparel. In addition, it has worked diligently to shed poor performing locations as lease opportunities became available.”
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who?
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That's what happens to over-priced, "high end" specialty, no customer service sporting goods stores. They created their own doom by cutting themselves a "specialty market" for their products, resulting in wide open retailers like Fleet Farm beating them into the ground.
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Beat me too it BB, confused-3316.gif I've never heard of them either. You nailed it too Reb, most seem to be overpriced clothing stores anymore like Dick's or even Cabela's, would rather look at FF or L & M first or even Scheel's. In the old days it was always a spring trip to Waseca to Herter's for cheap tackle for us. :happy1:
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Ditto!!!
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Herter's!! been there in the past too. good store in the day.
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O ya!! Herter's brand shotgun shells...even snowmobiles!! :azn:
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yup and many other products carried their name.
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Lot of good stuff at Herters :happy1: until they got in trouble with the feds for havin / sellin things that were on the endangered species list tut_tut-3315.gif
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that's right, I forgot that!!
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Me too...what were they selling? :scratch:
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I think they got caught importing feathers from endangered bird species from South America for people to use making jigs / flies twice. :scratch: The 2nd time the fine was huge & forced them into bankruptcy, that's when Cabela's took over. Before that Cabela's only had 1 store, out in the boonies of Nebraska
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Wow, I didn't know THAT!! :shocked:
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I think you are 100% percent right Gunner, you jogged the memory for me!
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As I recall it might have been Indian Jungle Cock feathers. They were used to make eyes on flies.
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As I recall it might have been Indian Jungle Cock feathers. They were used to make eyes on flies.
Only Del would remember they were jungle cock feathers. Is jungle cock a disease from heat and humidity? :scratch:
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Sure doesn't sound good!!!
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As I recall it might have been Indian Jungle Cock feathers. They were used to make eyes on flies.
If it were a disease it wouldn't be on the endangered species list... You don't hear the greenies whining about the endangered smallpox virus, or black plague bacteria do you. Frauds and hypocrites.
Only Del would remember they were jungle cock feathers. Is jungle cock a disease from heat and humidity? :scratch: