California-based Sport Chalet closing all its stores

AP News
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Posted: Apr 16, 2016 5:59 PM
California-based Sport Chalet closing all its stores

LOS ANGELES (AP) — Southern California-based Sport Chalet said Saturday that it has begun closing all its stores and has stopped selling merchandise online.

Founded in 1959, the sporting goods company has about 50 locations in California, Arizona, Nevada and Utah.

In a statement online and emailed to customers, Sport Chalet said its stores began the process of closing Saturday, but it offered no explanation.

"Thank you for your loyalty over the years," the statement said. "We hope to see you at our store closing sales."

Connecticut-based Vestis Retail Group acquired Sport Chalet in 2014 for about $17 million. Sport Chalet had about $52.5 million in debt at the time and hadn't turned a profit in years.

The company said its stores will remain open for several weeks, and customers can use any outstanding gift cards, rewards certificates or store credits through April 29. Customers who can't make it by then will be allowed to transfer any balances to Vestis Retail Group's other stores, Eastern Mountain Sports or Bob's Stores.