The iconic Maine business Olympia Sports, which first opened in the Maine Mall in 1975, is set to close in September. The company was recently acquired by a private-equity firm.
The company had been enduring a rough patch prior to the pandemic and was bought by Denver-based group JackRabbit in 2019. The company, owned by California-based CriticalPoint Capital, was then dealt to Fleet Feet in 2021. CriticalPoint’s website says it deals with “corporate divestitures, companies in a state of transition, and special situations.” WGAN attempted to contact CriticalPoint but no calls were returned.
Olympia Sports was founded by Portland resident Ed Manganello, and at their peak, had 226 stores spread across the east coast. The Portland Press Herald reports that current employees were informed of the decision to liquidate the company on Monday, and that liquidation sales would begin immediately.
The company currently has 35 stores, 8 in Maine.
