City Sports Inc. (Boston) has filed for bankruptcy protection this week. The store is looking for a buyer for 18 of its 26 stores. It plans to close the other eight stores.
If the company cannot find a buyer by October 30, it will liquidate the remaining stores throughout November and December.
The company has been trying to offset sales declines with various cost-cutting measures, including reducing employees’ hours, trimming shipping costs and trying to reduce the cost of rent at various locations. Those efforts, however, were not enough to revive the business.
It currently owes Nike USA Inc. (Beaverton, Ore.) $1.3 million, around $1 million to Under Armour (Baltimore), Asics (Irvine, Calif.), as well as to Patagonia (Ventura, Calif.), reports The Boston Globe.