JOLIET – MC Sports, which has a store in the Louis Joliet Mall, plans to begin liquidation sales at all stores.
The Grand Rapids, Michigan-based sporting goods chain has filed for Chapter 11 bankruptcy.
Its closing would mark the second time in two years that a sporting goods chain with a store in Joliet went out of business. Sports Authority, which had a store near the mall, shut down in 2016.
MC Sports President and CEO Bruce Ullery in a news release stated that liquidation sales at all 68 of the company's stores is "the only alternative to address our immediate liquidity issues."
Ullery stated MC Sports also is pursuing "alternative financing and going-concern sale options under the protections of Chapter 11 bankruptcy."
MC Sports announced the bankruptcy Tuesday.
In its news release, the company stated that MC Sports, like others in the sporting goods industry, has faced growing competition as well as challenges brought on by direct vendor sales to consumers.
The retail district around the Louis Joliet Mall had three chain sporting goods stores when Dick's Sporting Goods opened in October 2015
Sports Authority announced it was shutting down the following March. Sports Authority also filed for Chapter 11 bankruptcy, which is often used to settle debts while keeping a company in business, before shutting down.
MC Sports has stores in seven states, including other Illinois locations in DeKalb, Rockford, Peru, Bloomington and East Peoria. The company was founded in 1946.