City Sports Inc., Boston, will shut down eight of its 26 stores and attempt to sell the rest after filing for bankruptcy protection. If a buyer cannot be found, the chain will be liquidated.
The company recently brought in longtime retail executive Marty Hanaka as CEO to help ignite a turnaround, but despite cutting back employee hours, store hours and shipping costs, the company couldn’t reduce expenses enough, according to The Boston Globe.
City Sports is looking to sell the remaining 18 stores by Oct. 30 to any one of several buyers that have expressed interest.
“We are actively seeking financial partners for the purpose of moving the company forward,” Hanaka said in a statement. “This filing gives us the opportunity to continue as a viable going concern.”
For more information, visit citysports.com. — J.B.