This audio is auto-generated. Please let us know if you have feedback.

Dive Brief:

  • Olympia Sports is shuttering all of its stores, per a message on the company’s website. The retailer is holding closing sales at all locations, according to the message, which encourages shoppers to see the store for details.
  • The company’s website says it has more than 70 stores in the Northeast, mid-Atlantic and Midwest, though its store locator shows closer to 40. Multiple press reports indicate the company is shuttering 35 stores by the end of September. Starting July 21, all sales from the sporting goods retailer were final, according to the company’s return policy.
  • Olympia Sports and private equity owner CriticalPoint Capital did not immediately respond to requests for comment on how many stores would be closing, when they would shutter and if the retailer would maintain an e-commerce presence. 

Dive Insight:

Olympia Sports was founded in 1975 in Maine, with its first store opening at the Maine Mall in South Portland. 

In 2019, the company was acquired by running specialty retailer JackRabbit, which was owned by private equity firm CriticalPoint Capital. Olympia Sports shuttered 76 stores as part of that transaction, according to the Portland Press Herald. Both brands were part of CriticalPoint Capital’s Running Specialty Group, which the private equity firm added to in January 2021.

JackRabbit was sold to Fleet Feet in December, while Olympia Sports remained a part of CriticalPoint Capital’s portfolio. 

When Olympia Sports joined JackRabbit, it was touted as a way for JackRabbit to expand its footprint and presence into athletic goods. At the time, President of Olympia Sports and a member of the founding family, Ed Manganello, said the family was “pleased” with the sale.

“Olympia Sports, the Manganello family and our dedicated employees have tirelessly served our customers and communities for nearly five decades,” Manganello said in 2019. “We would like to thank everyone who has been involved in our success – especially our employees. We have accomplished great things together. We look forward to transitioning Olympia to the JackRabbit family and believe they will be outstanding stewards of the Olympia brand and its long-standing customers and vendors.”

Source link

Comments are closed.