City Sports, the Boston-based sporting goods retailer, has been purchased by a company who plans to shutter the chain’s remaining locations and sell off its assets, The Boston Globe reported.

The company, which opened its first store in Boston in 1983, filed for bankruptcy in October and closed eight of its 26 stores, hoping to sell the rest to a company that could continue to operate them. Hilco Merchant Resources LLC purchased the remaining locations in an auction and will hold going-out-of-business sales starting Friday, according to the Globe. The company is known for buying out troubled companies and profiting by selling remaining merchandise.


City Sports’ financial woes began in spring 2014. Despite making cuts to hours and employees, the retailer was unable to turn its profits around. The company’s founder, who sold it in 2008, claimed the new owners’ expansion strategy led to the chain’s downfall by opening more suburban stores that were less successful than the original urban locations.

When City Sports declared bankruptcy, it owed Nike USA Inc., Under Armour, Asics, and Patagonia more than $1 million each, the Globe reported.