Sports apparel retailer has filed for bankruptcy
Posted On July 16, 2021
Sports apparel maker Glenns Sporting Goods has filed a Chapter 11 bankruptcy filing in Ontario, seeking $5 billion in loans and equity.
The company said in a statement it is seeking $1.7 billion in equity.
Glenns was once the No. 2 seller of athletic apparel in Canada, with sales of $1 billion.
The business has since been sold to the Canadian Tire Group.
The Ontario Securities Commission said in its statement it will be taking over the assets of Glenn’s, and that the assets would be distributed to creditors.
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