Big Rock Sports, the Graham, NC-based distributor of fishing, hunting and outdoor sporting goods, has filed for Chapter 7 bankruptcy liquidation, listing just over $100 million in liabilities. Unsecured claims totaling about $83 million and including many vendors in litigation with Big Rock are not expected to be paid.
Many past senior executives and investors in the business, who appear to be tied to a management-led buyout, also held sizeable unsecured claims.
The filings in U.S. Bankruptcy Court for the Eastern District of North Carolina so far have not detailed the reasons for the move to liquidate, but show the company was facing a wide range of lawsuits from suppliers, property owners and other business partners…