Sporting goods retailer Sport Chalet is closing all its stores and has cut off online sales, its owner said Saturday.
The regional chain, which was founded in La Cañada Flintridge more than 50 years ago, will remain open for several weeks while merchandise is cleared out, said owner Vestis Retail Group, a Connecticut company that bought Sport Chalet in 2014.
"Thank you for your loyalty over the years. We hope to see you at our store closing sales," Sport Chalet and Vestis said in an online statement.
Rumors that the chain was about to shut down had been swirling for weeks, but Vestis representatives declined to comment.
Sport Chalet said it would continue to honor gift cards, loyalty rewards and store credits. No closing date was given.
The chain has about 40 stores in California, mainly in Southern California. It also operates in Arizona and Nevada.
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Sport Chalet was burdened with more than $ 52 million in debt when Vestis bought the company for $ 17 million.
The chain has faced growing competition from online retailers, discounters and the likes of Target Corp., whose stores carry the kind of workout merchandise and sports equipment that might interest the casual enthusiast.
In March, the much-larger Sports Authority chain filed for bankruptcy protection with plans to close 140 of it 463 stores. Nineteen of the locations are in California. The stores are holding closeout sales.
Sports Authority, which also carried a heavy debt burden, said bankruptcy would allow it to adapt to the "changing dynamics" of the retail industry, especially the growth of e-commerce. With shoppers moving online, the retailer said it didn’t need as many brick-and-mortar stores.
For more business news, follow Nancy Rivera Brooks on Twitter: @NRiveraBrooksLA
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