SB360 CAPITAL PARTNERS TO CONDUCT GOING OUT OF BUSINESS SALES IN THE FINAL GROUP OF 34 OLYMPIA SPORTS STORES
BOSTON, Massachusetts – September 15, 2022 – Olympia Sports, Antero Brands’ athletic footwear and apparel chain, has selected SB360 Capital Partners LLC (www.sb360.com), as their exclusive consultant to conduct “Going Out of Business” sales in their remaining 34 stores. Earlier this year, SB360 began a series of strategic “Store Closing” or “Total Inventory Blowout” events in select Olympia locations with the most recent group closed in August.
SB360 began working with Olympia Sports in 2019 when the original company was acquired and 76 of the company’s 150 stores were excluded from the acquisition. SB360 was selected to operate “Store Closing” sales in those locations.
Olympia Sports was founded in South Portland, Maine in 1975. For nearly five decades, Olympia has sold a premium athletic branded assortment in locations throughout the Northeast, Mid-Atlantic, and Midwest. The remaining stores are part of the Antero Brands retail group.
The “Going Out of Business” sale is already underway in the 34 stores and includes inventory from the top brands in athletic footwear and apparel. Storewide discounts up to 80% off are featured on all Men’s, Women’s, and Kids’ sneakers, running shoes, basketball shoes, boots, joggers, sweatpants, hoodies, sweatshirts, long and short-sleeved t-shirts, coats, socks, hats, and much more. The stores will close by the end of September.
Aaron Miller, President of SB360, said “Olympia Sports is a destination store in many of the communities they serve. With their vast selection and superior service, Olympia’s appeal is broad and has spanned a couple of generations. Their reputation combined with their popularity in each market has resulted in a very fast-paced sale. While quantities last, the “Going Out of Business” discounts give Olympia Sports’ shoppers the opportunity to get the most significant savings these stores have ever offered.”
“The Olympia Sports stores are a home-town favorite, and customers have been responding well to the sale,” said Ziggy Schaffer, COO of SB360. “The stores have been receiving the last of their on-order shipments, and the merchandise is going out the door as quickly as it comes in. Customers are sad to see these Olympia Sports stores close, but they’re taking advantage of great product offered at a great price.”
About SB360 Capital Partners – SB360 Capital Partners (www.sb360.com), a Schottenstein Affiliate, helps businesses manage change, restructure assets, and turn around dwindling profitability. SB360 makes equity investments to infuse capital for growth opportunities, fund turnarounds, and provide liquidity to businesses experiencing change. SB360 acquires assets of all types including inventory, fixed assets, intellectual property, real estate, and complete business units. The firm’s asset disposition services range from providing guaranteed asset value recovery to acting as a liquidation consultant. Additionally, SB360 has entities engaged in real estate advisory and commercial real estate investment. A lending affiliate, Second Avenue Capital Partners, provides asset-based loans for middle-market companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations.
About Olympia Sports – Olympia Sports was established in 1975 with its first store opening in the Maine Mall in South Portland, ME. Olympia Sports offers a premium athletic specialty brand assortment, superior customer service, and convenient locations that are staffed by local residents. Olympia Sports has been a staple in the communities it serves for 47 years. www.olympiasports.net