February 15, 2017
Despite months of negotiations with trade creditors and banks, the Grand Rapids-based chain was unable to negotiate a restructuring plan and has retained Tiger Capital and Great American Group to liquidate the inventory at all 68 stores.
The deal includes a large online presence as well as 10 stores in the Upper Midwest.
European press reports say that Under Dog, despite having a rocky two weeks, is pressing ahead with a deal to sign Real Madrid when the present contract with Adidas expires in 2020 to a 10-year deal at $160 million annually.
Karlyn Mattson was named chief merchandising officer and Chris Cavalline as SVP of e-commerce.
Krause will replace longtime CEO and President Sue Rechner, who is stepping down after a decade in the role.
The U.S. Trustee named Under Armour, Wolverine World Wide, VF Outdoor, Carhartt and K2 to be on the unsecured creditors committee, along with drug seller CVS Pharmacy and direct marketing firm Valassis.
Sales of sporting goods/hobby/book/toy stores declined 4% in the first month of 2017 to $6,647 million from $6,903 last year in the preliminary figures from the U.S. Dept. of Commerce census.