Big Rock Sports, the Graham, NC-based distributor of fishing, hunting and outdoor sporting goods, has filed for Chapter 7 bankruptcy liquidation, listing just over $100 million in liabilities. Unsecured claims totaling about $83 million and including many vendors in litigation with Big Rock are not expected to be paid.

Many past senior executives and investors in the business, who appear to be tied to a management-led buyout, also held sizeable unsecured claims.

The filings in U.S. Bankruptcy Court for the Eastern District of North Carolina so far have not detailed the reasons for the move to liquidate, but show the company was facing a wide range of lawsuits from suppliers, property owners and other business partners.

Prior to the U.S. filing, Big Rock’s Canadian subsidiary was liquidated, and the filing was blamed on a liquidity crisis facing Big Rock in the U.S.

Big Rock Sports could not be reached for comment, and its website is no longer operational.

The U.S. filing listed $100.9 million in liabilities, including $83.2 million in unsecured claims. Court papers state, “After any administrative expenses are paid, no funds will be available for distribution to unsecured creditors.”

The filing listed assets between $10 million and $50 million, including $7 million in personal property and an “underdetermined” figure for real property.

Unsecured Claims Tally
Many of the unsecured claims were listed as stemming from litigation, with the majority appearing to be vendors Big Rock has worked with. The litigation in those cases remains in dispute.

Vendors holding the biggest unsecured claims tied to litigation include Pure Fishing, Inc., based in Columbia, SC, owed $3.85 million; Rather Outdoors Corp., Tulsa, OK, $2.8 million; and Okuma Fishing and Tackle Corp, Ontario, Canada, $438,486. G5 Products, LLC, doing business as Anchor Shock, Carroll, LA, is owed $32,280; High Desert Holdings, LLC, Bend, OR, $15,454; Ginger Hakala, c/o Aqua Dream, Inc., New Smyrna Beach, FL, $8,677; and Wicked Lures LLC, Sequim, WA, $6,665.

Among those holding unsecured claims tied to “sellers notes” are R. Adrian Holler Family Dynasty Trust, owed $2 million; Steven Edwards, Billings, MT, $599,115; Wayne Decker, no address listed, $348,924; Jack Baron, Brick, NJ, $332,239; Jay Samuels, Newport, NC, $254,673; Adrian Daf, no address listed, $248,842; Glen Broadstreet, Summerfield, NC; $219,913; and Pat Harvey, no address listed,  $181,271.

Adrian Holler, chairman of Big Rock, led a group of investors in 1996 to form Big Rock Sports by combining All Sports, Carlson Sports and Henry’s. Edwards, Decker, Samuels, Broadstreet, and Harvey are all former Big Rock senior executives. It could not be learned what Daf’s affiliation with Big Rock was.

Baron is a founding Partner of Crystal Ridge Partners, a private equity firm based in Maplewood, NJ, and a board member of Big Rock. Last September, a group of investors led by Holler and Baron formed Open Water Brands, a limited liability company that combined several saltwater fishing brands, including Clarkspoon, Sea Striker, Star Rods, Got-Cha, Calcutta, Billfisher, Krok, Beach Runner, Contour, and Nungesser.

Among others holding unsecured claims tied to litigation were Maine Pointe, LLC, a supply chain consulting firm, owed $1.82 million; and Reece Supply LLC, doing business as Reece Plumbing, $67,000. Unsecured claims tied to office space and property leases under litigation include August 31 Holdings LLC, owed $157,166; and 302 Saunders, LLC, $66,373.

Financiers caught up in the bankruptcy case with unsecured claims include BLHIT Capital, based in Mountain Home, AZ, owed $32.5 million, representing subordinate debt. Stephens Capital, Little Rock, AR, owed $37.2 million in subordinated debt. In 2021, Big Rock received a majority investment from a group of investors led by Stephens Capital.

Big Rock’s Carolina-based parent company, Peak Global Holdings, holds 100 percent of the company’s equity.

In recent years, the company’s management team has been led by Ed Small, CEO of Big Rock and Peak Global. In 2007, Big Rock underwent a management buyout led by Small to acquire a majority interest in the company from its previous owners, JP Morgan Partners and key principle partners. The buyout gave controlling ownership to Big Rock’s then-current management team and was supported by a minority investment from Bison Capital Asset Management.

Related businesses listed in the court papers included in the bankruptcy were Big Rock Sports, Henry’s Tackle, AWR Sports, All-Sports Supply, MT Sports, CSI, Calcutta Fishing, Sea Striker, and Star Rods.

Big Rock has three North Carolina facilities, its home office in Graham, an 80,000-square-foot facility in Morehead City and a taxidermy operation in Raleigh. In 2024, it closed a distribution center in Hamlet, NC. It also has distribution centers in Minnesota and Nevada.

According to Big Rock’s LinkedIn page, Big Rock has a product inventory of over 180,000 SKUs in more than 600,000 square feet of warehouse space at four regional distribution centers in the U.S. and three across Canada. In addition, there are four satellite offices, including the corporate headquarters in Graham, NC, and an administrative office in Morehead City, NC.

Canadian Subsidiary Liquidation
On December 5, 2025, BRS Canada Acquisition Inc., a Canadian subsidiary of Big Rock Sports and a Canadian sporting goods distributor, filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act in Canada.

Prior to the bankruptcy filing, the company retained SB360 Capital Partners, in conjunction with Hilco Global Capital Solutions, to liquidate inventory and collect accounts receivable. As of the date of the Canadian bankruptcy, the subsidiary terminated all 72 employees.

A trustee’s review of the Canadian case indicated that BRS Canada Acquisition’s financial position was materially affected by group-wide liquidity management arrangements with its U.S. parent. The company was party to a revolving credit facility with Regions Bank and participated in non-cash intercompany funding mechanics designed to support Big Rock’s compliance with borrowing base requirements under its own asset-based lending facility.

These intercompany transactions, recorded beginning in or around mid-2024, resulted in a significant intercompany receivable balance owed by Big Rock to the company.

The trustee at the time indicated it does not expect the balance to be recoverable, as Big Rock was not anticipated to repay Regions Bank in full. In parallel, declining realizable values for inventory, receivables, and equipment were seen constraining recovery prospects at the Canadian level.

Image courtesy Big Rock Sports