New CEO can't save City Sports from Chapter 11 filing

Boston-based sporting goods retailer City Sports has filed for Chapter 11 bankruptcy protection and plans to liquidate at least a quarter of its stores.



According to the Wall Street Journal, City Sports said it has a deal with liquidators Tiger Capital Group to hold going-out-of-business sales at eight of the company’s 26 stores, which are scattered throughout the Northeast from Massachusetts to Washington, D.C.



For the remaining 18 stores, City Sports is working to locate a buyer during its bankruptcy case that would either continue operating the stores or liquidate them, the company said in court documents.



In July the retailer tapped Marty Hanaka, who has served on the board of directors of City Sports since 2008, as its new chief executive.



Founded in 1983, City Sports operates 26 retail stores in Massachusetts; Rhode Island; New York; Washington, D.C.; Pennsylvania; Maryland; New Jersey; and Vermont.



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