Three years after Olympia Sports sold half its stores to a California-based acquirer, the Westbrook-based company has filed for Chapter 11 bankruptcy as it aims to liquidate its remaining 34 stores by Sept. 30.
Olympia Sports, an athletic footwear and apparel chain, sold 75 stores to CriticalPoint Capital, of Manhattan Beach, Calif., in 2019 for an undisclosed amount.
Now part of Denver-based Antero Brands, Olympia Sports has been downsizing ever since, with going-out-of-business sales currently in progress at its remaining stores.
The retailer’s roots go back to 1975 with the opening of a store at the Maine Mall in South Portland. Over the years the company expanded its footprint across Maine and elsewhere in the Northeast, as well as the Mid-Atlantic and the Midwest.
Besides South Portland, Olympia Sports lists Maine stores in North Windham, Auburn, Falmouth, Presque Isle, Rockland, Ellsworth and Waterville.
All are among the 34 stores to be liquidated by the end of this month, with storewide discounts of up to 80% off.
SB360 Capital Partners LLC, a Boston-based consultancy working with Olympia Sports since 2019, is conducting the going-out-of-business sales. SB360 is an affiliate of Schottenstein Stores Corp., a Columbus, Ohio-based holding company whose retail portfolio includes tDSW and American Eagle.
Ziggy Schaffer, chief operating officer at SB360, said customers are responding well to the sales.
“The stores have been receiving the last of their in-order shipments, and the merchandise is going out the door as quickly as it comes in,” he said. “Customers are sad to see these Olympia Sports stores close, but they’re taking advantage of a great product offered at a great price.”