Olympia Sports intellectual property to be auctioned

Dive briefs:

• Olympia Sports’ intellectual property is on the market after the Maine-based sporting goods retailer filed for Chapter 11 bankruptcy protection in September, according to a news release shared with Retail Dive. .
• Hilco Streambank, an advisory firm specializing in Chapter 7 and Chapter 11 bankruptcy cases and intellectual property dispositions, is handling the sale. Hilco is seeking his offer by February 7th, and on February 9th he plans to put the IP up for auction. However, the sale is subject to the approval of the Federal Bankruptcy Court for the District of Delaware.
• Two other brands, Clever Training and Surf Outfitter IP, are also sold with customer data and domain names.

Dive Insight:

Olympia Sports will go out of business in September 2022 after 47 years.

Founded in 1975 in South Portland, Maine, Olympia sold sporting goods, fitness gear and apparel, athletic shoes, casual wear, and athletic accessories. At the time of its closure, the company had a footprint of approximately 35 stores and 324 employees.

At its peak in 2012, Olympia Sports had 230 stores in New England and the Mid-Atlantic. But then the company’s growth and success began to stall. From 2013 to 2019, Olympia Sports closed unprofitable stores as their leases expired.

After being acquired by private equity firm CriticalPoint Capital in 2019, Olympia’s physical store footprint shrunk to 75 stores. The deal marked the beginning of a turbulent period for the company. In April 2022, Olympia decided to liquidate 22 stores to generate cash flow, the company said in court documents. apart from After various restructuring efforts, Olympia eventually filed for bankruptcy just before the fourth quarter of 2022.

Olympia Sports generated $65.2 million in retail and $9.8 million in e-commerce in 2021.total income for the year was about $74 million and negative EBITDA was about $1.5 million. Through July 31, 2022, Olympia had total revenues of about $28 million and EBITDA was his negative of $7.8 million, the company filed in court.

Intellectual property sales can generate tens, even hundreds of millions of dollars and revive defunct brands. Some of the notable IPs that have hit the market in the last decade or so include Toys “R” Us, Circuit City and Pier 1. Hilco was also recently responsible for the sale of Stein’s mart intellectual property.

For Olympia, the assets available for sale include trademarks, data from 640,000 customers, a proprietary image library, and over 50 domains including OlympiaSports.net, CleverTraining.com, SurfOutfitter.com, RunColorado.com, and ClothesBuy.com. includes the first name. . Hilco said the assets can be sold individually or as a package.

“Olympia Sport has been a staple in the Northeast for decades and has developed a loyal following. Customer base with over 415,000 customers who have purchased in the last two years Hilco Streambank senior vice president Richelle Carnit said in a news release shared with Retail Dive:

“Our successful expansion into e-commerce contributed to combined retail and e-commerce sales of over $61 million in 2020 and over $75 million in 2021,” continued Kalnit. “Buyers of Olympia intellectual property will have the opportunity to leverage brands known for quality and reliability in sporting goods, equipment and accessories and engage with a customer base seeking a trusted outlet for their sporting goods needs. can.”

OlympiaSports.net, Olympia’s e-commerce site, recorded over 16.3 million visits between January 2020 and May 2022. But e-commerce “turned out to be an unprofitable venture” for Olympia, according to bankruptcy courts. document. Olympia ended his e-commerce business in April 2022.

CleverTraining.com was an e-commerce specialty retailer. It focused on providing high-Performance athletic training gear for active lifestyle enthusiasts. SurfOutfitter.com offered a curated collection of apparel, equipment and accessories for those in the surf and waterman lifestyle. Surf Outfitter also operated his one retail store in Tampa, Florida. According to Hilko, Clever Training’s peak sales hit him at $11.8 million, while Surf Outfitter hit his $2 million mark in 2020.

“Additional specialty retail brands add unique value to our products,” said Kalnit. “each One has a strong history, with a reputation as a trusted leader in its respective niche. A curated, high-quality product line that represents a community committed to these passion and lifestyle. “