Sources say Herb Philipson’s sporting goods retailer is up for sale.
According to the latest details from the Rome Sentinel, the company acted, in court, on an “emergency motion” for the auctioning of all its assets, which will reportedly include six stores, inventory and branding.
The information stems from Chapter 11 bankruptcy proceedings. Officials say the emergency motion was approved by a judge Wednesday. Owner Guy Viti told reporters that he anticipates the company to sell, which he added the process should be complete by August.
The locally known retail store began its operation during the summer of 1951 in the city of Rome. The company remained in the hands of the Philipson family through 2018, when Gary announced that new visions were needed to take the company into the future.