SPRINGFIELD, MA (BRAIN)—Ski Market sold last Friday to a restructuring and advisory firm that plans to liquidate the retailer’s remaining assets by the end of March, and close its last seven locations, according to an order filed in U.S. bankruptcy court.
Boston-based Gordon Brothers Retail Partners outbid five other prospective buyers in a Feb. 1 auction; the sale was finalized on Feb. 5.
The Ski Market filed Chapter 11 bankruptcy last Dec. 29 after nearly 40 years in the snow sports and bicycle business in the Northeast.
Gordon Brothers is holding going out of business sales at Ski Market’s remaining locations in Massachusetts, Connecticut and Rhode Island.
“The closing of this iconic New England retailer will mark the end of an era. All merchandise is marked down significantly so we won’t be surprised to see it sell out very quickly,” said Tim Shilling, director at Gordon Brothers Group, in a press release.
According to an agreement between Gordon Brothers and the Ski Market, Gordon Brothers will sell all merchandise, furniture, fixtures and equipment, and will pay Ski Market 75.25 percent of the cost value of the merchandise. Ski Market expects to net $1.3 million from the sale of its assets, nearly all of which will go to its primary secured lender, a local bank to which it owed $2.55 million as of Feb. 1.
It owes millions more dollars to 20 unsecured creditors including Raleigh, Scott and Marin Bicycles.