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Representative Case

BC Sports Collectibles(Sports Collectibles Acquisition Corp.)

The parent company of BC Sports - Sports Collectibles Acquisition Corp. - filed for Chapter 11 bankruptcy protection in September 2009 and later converted to Chapter 7. At that time, the company announced plans to close 15 of its 49 stores. The chain had stores in 12 states, most of them along the East Coast. Almost all of the stores were located in shopping malls.

BC Sports, based in West Chester, Pa., was originally a division of Electronics Boutique, which also owned the chain of EB Games stores. Electronic Boutique sold off the BC Sports division in 2002 to Sports Collectibles Acquisition Corp., an entity formed by EB chairman James Kim. At the time, BC had only 22 stores. Under the guidance of CEO John Panichello, the company expanded to 49 stores.

In its Chapter 11 filing, BC Sports reported earnings of slightly more than $32.1 million for the fiscal year that ended Feb. 2, 2008. In the first seven months of its 2009 fiscal year, earnings were slightly more than $12.1 million. The company listed debts of more than $10 million.

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