Brick-and-mortar retailers have struggled in recent years. Digital sales are only 14% of the market, but consumers have more options. This has led to many bankruptcies because it's no longer enough to have a store in a mall.
Although the number of bankruptcies decreased from 52 to 21, it is possible that the pandemic-era rent deductions, government programmes and stimulus-rich clients protected some stores.
With Amazon.com Inc. - Get Amazon.com Inc. Report being able to deliver almost everything in as little as two days, the retail business remains highly competitive.
Athletic apparel competition is tough. Nike's direct-to-consumer marketing has expanded, as has LULU's. Target (TGT) has retooled its athletic clothing products for men and women.
Dick's Sporting Goods (DKS) Dick's Sporting Goods Inc Report shows that the sports retail market is challenging. It's less shocking, but nonetheless surprising, that a huge retailer closed suddenly.
According to a brief announcement on the Olympia Sports website, the company has chosen to shut down all of its locations. In a brief statement, the company said that it was closing all of its shops and that all sales were final.
In 1975, Olympia Sports opened its first location in the Maine Mall in South Portland, Maine. According to the company, it has now expanded to over 70 locations throughout the Northeast, Mid-Atlantic, and Mid-West.
The chain's outlets sold Nike, Adidas, and Under Armour - Get Under Armour Inc. Class C Report other high-end sportswear and equipment brands.
The date of closure, which may vary from one place to the next, has not been specified at this time. The going out of business sale process is often outsourced by merchants to outside companies.
Olympia Sports has not stated whether or not it will be able to continue as a digital brand in the future. After July 21, all sales are final.
Nike's direct-to-consumer operations hurt Olympia Sports. Many of the company's former business partners have pulled their merchandise, and it's selling directly to those that remain.