BOSTON – Athletic gear retailer City Sports Inc. is selling its assets to a group known for buying struggling companies after failing to find a buyer willing to keep its more than two dozen stores open.
Boston-based City Sports, which filed for bankruptcy in October, plans to hold going-out-of-business sales starting Friday. A declaration filed by company officials says harsh weather last winter and stiff competition pushed the company into bankruptcy.
Its assets will be sold to Hilco Merchant Resources LLC, a unit of Hilco Global of Northbrook, Illinois, and Gordon Brothers Retail Partners LLC of Boston. The sale is scheduled to be finalized on Thursday.
The retailer has nine stores in Massachusetts, as well as locations from Vermont to Virginia.