Marking another story connecting a major sportings goods chain with a bankruptcy filing, Vestis Retail Group LLC confirmed it is exploring strategic alternatives for Eastern Mountain Sports (EMS), Bob’s Stores and Sport Chalet. The announcement was made following a report in Bloomberge that Vestis preparing to file a Chapter 11 bankruptcy petition.
Vestis Retail did not specifically address the Bloomberg report.
Vestis is owned by affiliates of Versa Capital Management LLC, a private equity firm. Combined, its three sporting goods chains generate sales of about $800 million from more than 100 retail locations.
In a statement issued to the media, the company said “Vestis continually looks for opportunities to position its stores for long-term growth and success and, as such, is evaluating a number of strategies to strengthen the business. We will share additional updates as and when decisions are made. Meanwhile, we continue to focus on executing our long-term strategic plan, and all our stores – Eastern Mountain Sports, Bob’s Stores and Sport Chalet – continue to operate as usual, offering our customers the top outdoor, apparel and footwear fashions from their favorite brands.”
Bloomberg reported that Vestis Retail is preparing to reorganize in bankruptcy court, with a filing coming as soon as next week.