Vestis Retail Group, LLC and eight affiliates, which own the Bob’s Stores, Sports Chalet and Eastern Mountain Sports retail chains, have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-10971). The Honorable Christopher S. Sontchi will administer the cases. Sports Chalet has started the process of closing all of its stores and some of the Bob’s Stores and Eastern Mount Sports stores will also be closed. The debtors have entered into an asset purchase agreement with a stalking horse bidder and filed a motion seeking authority to sell all of their assets and are seeking the approval of $125 million in debtor-in-possession financing. The petitions (including the consolidated list of top 40 creditors), the first day declaration and the docket are available through Kurtzman Carson Consultants. Vestis Retail Group, LLC has issued a press release regarding these reorganization proceedings.
