Eastern Outfitters LLC, the parent of Eastern Mountain Sports and Bob’s Stores, won court approval for an expedited hearing on its plan to shutter 48 of its 86 stores.
At the same time that Eastern Outfitters filed for bankruptcy on February 6, Sports Direct, the U.K.-based sporting goods chain, committed to serve as the stalking horse bidder for its assets. Sports Direct also agreed to purchase its outstanding second lien debt from Versa, which had acquired the company out of bankruptcy proceedings last year, as well as to serve as the DIP (debtor-in-possession) lender in the chapter 11 case.
The company plans to close 27 Eastern Mountain Sports locations and 21 Bob’s Stores locations. When it filed for bankruptcy in early February , it had 51 EMS locations and 35 Bob’s stores locations.
The Bob’s stores set to close are in: Middleton, CT; Enfield, CT; Milford, CT; Danbury, CT; Sanbury, CT; East Northport, NY; Simsbury, NY; Freehold, NY; Seekonk, MA; Salem, NH; Framingham, MA; Manchester, CT; Bedford, NH; South Attleboro, MA; Saugus, MA; Springfield, NJ; Hamden, CT; Waterford, CT; and Fairfield, CT.
The EMS stores to close include: Boston, MA; Burlington, VT; Fairfield, CT; Portland, ME; Syracuse, NY; Salem, NH; Lancaster, PA; Manchester, VT; Haverford, PA; Rutland, VT; Extol, PA; Fayetteville, NY; Poughkeepsie, NY; Middletown, RI; Niskayuna, NY; Eatontown, NJ; Annapolis, MD; Amherst, NY, Collegeville, PA; Plaza 200, NY; Northborough, MA; Buckland Hills, CT; Nashua, NH; Lynnfield, MA; and Berkshire, MA.
The retailer has reached a joint venture of Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC to run the going-out-of-business sales.
Eastern Outfitters will make its case for an order approving the plan on April 13 in U.S. Bankruptcy Court for the District of Delaware. The company filed for bankruptcy in February.
In late March, the retailer, facing protests about a planned sale from unsecured creditors, agreed to hold a private sale to Sports Direct rather than hold a bankruptcy auction as part of a deal reached with unsecured creditors.
