Ski Market, which filed for Chapter 11 bankruptcy protection on Dec. 29, 2009, in hopes of finding a buyer, has instead commenced liquidation of its stores. In a bankruptcy auction in Boston held Friday, Gordon Brothers Retail Partners LLC won the right to liquidate Ski Markets remaining seven stores after beating out five other bidders. All the other bidders were liquidation firms as well.
Going-out-of-business sales at the stores began on Saturday, offering prices 20% to 40% lower than regular retail prices. The sales, which kick in just ahead of the all-important Presidents Day sale weekend, will run until all merchandise is liquidated. Ski Market is guaranteed payment of 75.25% of merchandise worth at least $1.8 million.
The company was founded in 1958 as St. Moritz Sports and changed its name to Ski Market in 1971. At its peak, the chain, owned by the Ferguson family its entire existence, had more than 20 locations in the Northeast with sales of more than $40 million. In an affidavit filed in bankruptcy proceedings, Ski Market’s current president and CEO, Andrew Ferguson, said the company was one of the first mainstream retailers to embrace snowboarding. The stores also sell bicycles, skateboards, kayaks, car roof racks, and apparel. But Ferguson said the company had been operating at a loss for several years and the economic downturn and its “negative impact on consumer spending during 2008 and 2009 exacerbated Ski Market’s financial problems.”
An attempt to sell the company last summer was unsuccessful. Its remaining stores are located in Boston, Framingham, Pembroke, Woburn and Wellesley, MA, as well as Avon, CT and Warwick, RI.
