Performance Sports Seeks Bankruptcy Protection
CBJ — Performance Sports Group, the maker of Bauer ice hockey gear, has filed for bankruptcy protection in the United States and Canada to facilitate a restructuring and sale of almost all of its assets.
The company, which also makes baseball bats and other sports equipment, will put its assets up for auction but already had a deal to sell nearly all of them for US$575 million to an investor group led by Sagard Capital, its biggest shareholder, and Fairfax Financial Holdings.
Performance’s troubles highlight the challenges North American manufacturers face in the highly competitive sporting goods market.
The company listed assets of US$500 million to US$1 billion and liabilities of US$500 million to US$1 billion in its voluntary petition filed in Delaware under Chapter 11 of the U.S. Bankruptcy Code.
The company said it had begun proceedings under the Companies’ Creditors Arrangement Act in Canada’s Ontario Superior Court of Justice.