The Eastern Mountain Sports store on Portland's Marginal Way is among 48 stores identified for closure in a Chapter 11 bankruptcy proceeding in Delaware.
The Portland Press Herald reported that parent company Eastern Outfitters filed for bankruptcy on Feb. 5, citing more than $7 million in unsecured claims by creditors. The Portland store is among the 48 identified for closure in order to facilitate the company's purchase by a British retailer, Sports Direct International Ltd., which has submitted a $29.5 million bid to buy the company.
The newspaper reported that Eastern Outfitters is seeking court approval of its plan to have the stores liquidated. Eastern Outfitters is owned by private equity firm Versa Capital Management, which acquired Bob's and Eastern Mountain Sports through the bankruptcy last year of Vestis Retail Group, the previous owner of the store chains, Reuters reported.
A hearing on the pending sale is scheduled for April 19.
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