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Article Date: February 2017
Word Count: 547

MC Sporting Goods Files for Bankruptcy, Will Liquidate All Stores


Despite months of negotiations with trade creditors and banks, the Grand Rapids-based chain was unable to negotiate a restructuring plan and has retained Tiger Capital and Great American Group to liquidate the inventory at all 68 stores. Its petition indicates it expects a recovery for trade vendors. Trade claims total $27.6 million. In addition to the trade claims, it has $49,350,000 outstanding on its credit line with Wells Fargo. The current balance sheet shows assets of $78 million, including $62 million in inventory. For the most recent FY, it had sales of $174.6 million and a loss of $5.4 million. ... Log in to view full article.

 


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