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EMS Parent Files Chapter 11, Negotiations with Stalking Horse Bidder Continue

February 06, 2017, 08:00 AM
Filed Under: Bankruptcy
Related: Bankruptcy

Eastern Outfitters LLC, the parent company of sporting goods retailers Eastern Mountain Sports (EMS) and Bob’s Stores, filed for Chapter 11 protection over the weekend, according a petition in the Delaware Bankruptcy Court.

The company, which reported annual sales exceeding $400 million, has assets and liabilities in the range of $100 million to $500 million, the filing showed.

Eastern Outfitters remains engaged with U.K.-based Sports Direct International -- which is negotiating to become a stalking horse bidder in Eastern Outfitters asset sale.

Eastern Outfitters is a wholly owned subsidiary of private equity firm Versa Capital Management, LLC, which acquired the company in April 2016 following the bankrupcty of its prior owner Vestis Retail Group. 

Versa is also a backer of clothing retailer Wet Seal LLC, which announced last week it was entering bankrupcty protection and closing more than 140 stores. 

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