Eastern Outfitters, the parent company of Eastern Mountain Sports and Meriden-based Bob’s Stores, has filed for Chapter 11 bankruptcy.
The company filed on Sunday and the Wall Street Journal reports that Eastern Outfitters is looking for a buyer "willing to rescue the business from the growing trouble in the sports retail sector."
Questions remain on what the bankruptcy filing will mean for the stores.
"I'd say that within seven days, those of us who aren't involved will have a much better idea of the extent to which they pre-planned this and how fast it's going to go," Myles Alderman, a bankruptcy attorney said.
In April 2016, Versa Capital LLC purchased the stores from Vestis Retail Group after Vestis filed for Chapter 11 bankruptcy and all Sports Chalet stores were closed.
The number of Eastern Mountain Sports stores was also reduced from 69 to 53.