Greensboro sports merchandise retailer Omega Sports Inc. has filed for federal Chapter 11 bankruptcy protection, listing assets and liabilities of between $1 million and $10 million.
The filing occurred March 25 in the Western District of North Carolina. The company listed between 100 and 199 creditors.
The retailer has seven stores, including at Thruway Shopping Center in Winston-Salem, Oakcrest Shopping Center in Greensboro and High Point Mall. It also has two locations in Charlotte and one each in Raleigh and Wilmington.
The company entered bankruptcy protection with 24 full-time salaried employees, 59 part-time hourly employees and four full-time hourly employees.
The company was founded in 1978 by Phil Bowman and Thom Rock. Robert Hager later acquired an ownership stake.
The filing was submitted by Craig Carlock, who bought the company in April 2017 along with his wife, Kristin. Craig Carlock serves as chief executive.
The Fidelity Bank was listed as the largest unsecured creditor with two federal Paycheck Protection Plan loans of $771,700 and $673,848.
As with other PPP loans taken by companies that later filed for bankruptcy protection, there is the potential for part or all of those two loans to be forgiven by the federal government and The Fidelity Bank reimbursed.
The other top-five unsecured creditors are: $261,110 with New Balance of Boston; $248,424 with Brooks Sports Inc. of Seattle; $225,620 with Under Armour of Baltimore; and $222,613 with landlord Park West Village Phase I LLC of Columbus, Ohio.
Omega’s owners said in the filing they expect to have funds available to pay unsecured creditors.
The company closed stores in Burlington, Cary, Durham, Morrisville and Wilson between June 30 and Aug. 14 “as a result of the global coronavirus pandemic.”
The owners want permission to end the leases for the five closed stores.
Other landlords listed included: Kimco Realty, owed $199,876; University Commons, owed $154,133; and Heritage Crossing, owed $149,219.