Vestis Retail Group, which owns sporting goods retailers across the country, yesterday said that it "has filed for Chapter 11 bankruptcy protection," two days after its California-based Sport Chalet "initiated store-closing sales at its 47 locations and stopped all online sales operations," according to Samantha Masunaga of the L.A. TIMES. Connecticut-based Vestis "also owns outdoor clothing and gear chain Eastern Mountain Sports and East Coast family apparel and shoe retailer Bob's Stores." Vestis said that it "proposed that Eastern Mountain Sports and Bob's Stores be sold to funds advised by Philadelphia-based Versa Capital Management, a private equity firm that owns Vestis." The company also said that it "expects to complete the sale in mid-summer before the back-to-school season and that it will 'efficiently' wind down Sport Chalet" (L.A. TIMES, 4/18). The WALL STREET JOURNAL's Rizzo & Palank note Vestis "joins a growing list of sports chains in bankruptcy as retailers struggle to come to grips with customers who are increasingly comfortable with shopping at online outlets rather than malls and other traditional commercial spaces." Sports Authority "filed for bankruptcy last month with plans to close 140 of its 450 stores and to find a buyer for the rest." In '15, sporting-goods chain City Sports "closed its 26 stores and sought bankruptcy protection" (WALL STREET JOURNAL, 4/19). In Boston, Curt Woodward notes Vestis indicated the Sports Authority bankruptcy "may have dealt a decisive blow." The chain's early March bankruptcy "prompted deeply discounted store-closing sales, which 'created unusual competition' for Vestis' retail brands" (BOSTON GLOBE, 4/19).
