The only Eastern Mountain Sports store in Maine could close in a deal that would resolve the bankruptcy of its parent company.
Eastern Outfitters, the parent company of Eastern Mountain Sports and Bob’s Stores, is asking a bankruptcy court to allow it to close 48 of its 86 stores as part of a plan for UK retailer Sports Direct International Ltd. to acquire the company.
The outdoor gear store on Portland’s Marginal Way was identified in the filing as one of 48 EMS or Bob’s Stores that would close if a judge agrees with the company’s bankruptcy plan. Eastern Outfitters filed for Chapter 11 bankruptcy in Delaware on Feb. 5, citing more than $7 million in unsecured claims by creditors.
If the court agrees, Eastern Outfitters wants to enter into an agreement with Hillco Resources LLC and Gordon Bros. Retail Partners to liquidate the stores. The Portland store occupies 8,000 square feet.
A manager contacted at the local store referred all media questions to the company’s corporate headquarters in Connecticut.
Sports Direct has submitted a bid of $29.5 million to purchase the company’s assets. A hearing on the impending sale is scheduled for April 19.
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