<span style="color: #787878;">The list of trade creditors landing on the unsecured creditors’ list of Olympia Sports’ bankruptcy reads like a Who’s Who of the active industry’s major players, including Nike, Columbia Sportswear, Rawlings, Olukai, and Mitchell & Ness. 

Fleet Feet holds the largest unsecured claim of $3 million, according to the bankruptcy petition of Olympia Sports Acquisitions, LLC. filed in U.S. Bankruptcy Court in Wilmington, DE.

Last December, Fleet Feet, the largest franchisor of locally-owned and operated specialty running stores, acquired the 56-unit JackRabbit from CriticalPoint Capital, the parent of Olympia Sports and Running Specialty Group (RSG), for $47.7 million.

In late July, Fleet Feet sued RSG, which is also part of Olympia Sports’ bankruptcy, in Delaware in a dispute over the purchase price. As part of the asset purchase agreement, a post-closing adjustment process re-estimated the JackRabbit business’s value at $40.8 million, with Fleet Feet arguing it was owed back $6.9 million. RSG countered in April that the overpayment was $3.4 million. Fleet Feet filed the lawsuit as Olympia Sports began shuttering operations, raising insolvency risks.

Nike, which has an unsecured claim of $607,837 in Olympia Sports’ bankruptcy, also sued Olympia Sports Acquisitions in July for an alleged breach of contract for the same amount.

<span style="color: #787878;">Other trade vendors holding unsecured claims over $500,000 include Skechers, owed $2.07 million; Crocs, $700,960; New Balance, $627,751; and Hanesbrands, the parent of Champion, $522,073.

The remaining trade vendors on the list of Top 30 unsecured creditors include 

  • Columbia Sportswear, $495,775; 
  • Propet USA, $459,041; 
  • Caleres, the parent of Ryka, $450,972; 
  • Clarks, $376,148; 
  • Reef, $293,734; 
  • The North Face, $247,621; 
  • Olukai, $246,549; 
  • Phoenix Footwear, the parent of Trotters, $238,445; 
  • Mitchell & Ness, $224,678; 
  • Shock Doctor, $220,794; 
  • 47 Brand, $211,991; and 
  • Rawlings Sporting Goods, $201,286.

Non-trade unsecured creditors include:

  • UPS, $3.2 million; 
  • Salesforce, its e-commerce contractor, $2.07 million; 
  • Born Group, $ 879,869; 
  • Rakuten Marketing, $432,146; 
  • Google, $363;909; 
  • Logicbroker, $269,734; 
  • Staples, $255,778; 
  • QOS Networks, $251,363; 
  • SLG Systems, $220,239; 
  • NFP Property & Casualty Services, $187,772; and 
  • Ampac, $182,227.

The filing listed $28.7 million in unsecured debt owed to 570 creditors.

The equity holders listed in the petition were Critical Point Capital, the Manhattan Beach, CA-based private equity firm that acquired JackRabbit from The Finish Line in 2017 and Olympia Sports in 2019.