Look what’s clicking on FoxBusiness.com.
A major distributor in the weapons and outdoor sporting goods industry has filed for bankruptcy.
The North Carolina-based company reported more than $100.9 million in liabilities, compared to estimated assets between $10 million and $50 million.
The bankruptcy filing does not specify what prompted the liquidation, but indicates that Big Rock Sports was overwhelmed by a wave of lawsuits from property owners, suppliers and business partners. SBG Media reports this.
ALMOST 100-YEAR-OLD CANDY COMPANY FILES BANKRUPTCY AGAINST RISING COSTS AND HEAVY DEBT: REPORT
A collection of guns (iStock / iStock)
According to SBG Media, approximately $83 million in unsecured claims are expected to remain unpaid.
The distributor said its operations spanned the US, Canada, the Caribbean and eight other countries.
RESTAURANT GIANT FILES FOR BANKRUPTCY UNDER HUGE DEBT SHORTLY AFTER OFFERING MAJOR EXPANSION
A fisherman is depicted on a boat. (iStock / iStock)
Big Rock Sports also reported working with approximately 1,200 suppliers and operating approximately 850,000 square feet of distribution space in warehouses in North Carolina, Minnesota and Nevada.
“While Big Rock is one of the largest distributors of outdoor sporting goods in North America, we are much more than that,” the company said on its website. “We offer an exclusive range of tools and resources designed to give retailers a competitive advantage.”
Big Rock Sports traces its roots back to 1955, when All-Sports Supply was founded in Portland, Oregon.
FRANCESCA FIRES EMPLOYEES WITHOUT WARNING AS WOMEN’S CLOTHING RETAILER CLOSES FOR GOOD
Big Rock Sports has filed for Chapter 7 bankruptcy. (iStock / iStock)
“The history of Big Rock Sports goes back more than 60 years to the founding of All-Sports Supply in Portland, [Oregon]’, the company writes. “Back then, sporting goods were a much more personal business, and distributors knew the names of their retailers as well as their families.”
The company’s Canadian subsidiary was liquidated, according to the U.S. bankruptcy filing to The Street.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
