Stock+Field, the farm supply and outdoor department store, has filed for bankruptcy and is closing all 25 of its locations.
Formerly known as ‘Big R’, the company’s website now links to a federal bankruptcy case. The stores are in Illinois and Ohio, Indiana, Wisconsin, and Michigan.
CEO Matthew Whebbe said in a statement, “After more than 55 years, Stock+Field (formerly known as Big R Stores)(“S+F”) is closing its doors at all 25 locations. There have been many challenges in 2020, and Stock+Field was not immune to them. S+F has partnered with providers of new merchandise and will be selling items at massive discounts in the coming weeks. Even (and especially) in a pandemic—the customer should be able to get some wins.
“We’d like to thank our fantastic employees, our loyal customers and especially the rural communities we partnered with for so many years. We hope to reopen stores at some point in the future but, for now, please come in, say hello to your favorite employee, and enjoy the ridiculously low prices. This won’t last for long.”
The filing and liquidation come after Stock+Field in October 2020 had hired Steeplechase Advisors to advise on restructuring and potential options for refinancing or sale of all, or substantially all, of the retailer’s assets. Steeplechase’s efforts led to the selection of the joint bid between Tiger Capital Group and B. Riley Retail Solutions to conduct a liquidation of assets through a store closing or going out of business sale that commenced in the week before this bankruptcy case was filed on January 10.
The filing listed assets and liabilities were both within the range of $50 million and $100 million.
The Top 20 unsecured creditors list included Worldwide Distributors, owed $$2,351,125.12; Under Armour, owed $824,560.29; Bill Hicks Company, $375,445.44; Ariat International, $316,215.89; Feradyne Outdoors, $294,527.90; American Distribution & Manufacturing Co., $286,205.71; The Kl Companies, $259,378.00; and X-Stand Treestands, $247,704.40.
A full list of the locations now being closed is available at https://www.tigergroup.com/stock-field-store-locations/.
Photo courtesy Stock + Field
