57-year-old retail chain Sport Chalet recently announced it will be closing; Parent company Vestis cites ‘unique competitive pressures’
After a rumored bankruptcy filing, Sport Chalet confirmed the news Saturday, announcing it will be closing all of its brick and mortar retail locations, as well as its online e-commerce platform, in the coming weeks. No exact closing date was determined, but according to an LA Times report, the company will be honoring gift cards and loyalty rewards through April 29, 2016.
The unfortunate news of long-established retailers struggling in today’s current market is becoming more frequent. Earlier this month, Pacific Sunwear filed for bankruptcy, after facing a de-listing from the Nasdaq Stock Exchange. In March, Sports Authority also filed Chapter 11, shuttering 140 of its stores.
The news of Sports Chalet’s impending closure came as a blow to many of its loyal shoppers; The chain has 40 stores in California, mainly in the Southland, and also operates five stores in Arizona and two in Las Vegas. The company didn't say how many people would be losing their jobs, but as of March 30, 2014, the chain employed 1,200 full-time workers and 1,600 part-timers, the LA Times reported.
Parent company Vestis, based in Connecticut, purchased Sport Chalet in 2014. The retailer had long been struggling, with more than $52 million in debt owed, and the last reported annual profit dating back to 2007.