Heritage Sportswear Officially Liquidating Assets
Heritage Sportswear, Hebron, Ohio, announced in an email last week that it will close its doors after 37 years in business. The wholesale apparel supplier will undergo a complete inventory liquidation, and announced that it will drop prices in every category as part of the liquidation.
Heritage Sportswear will offer T-shirts, fleece and polo shirts for 15 percent off. Headwear, workwear, outerwear and accessories will go for 40 percent off.
This confirms the news we reported back in March, when Gildan announced that it expected to take a charge of up to $23 million in the first quarter of this year due to unpaid bills from Heritage's liquidation.
The Winston-Salem Journal reported that Heritage had been trying to find a buyer while in Chapter 11 bankruptcy protection, and this led to a bankruptcy judge approving a request to liquidate its assets.
In a press release in March, Gildan speculated that in the event of a liquidation, any Gildan items sold by Heritage would be absorbed by other wholesalers in the industry, and would not affect its full-year sales projection.
Heritage Sportswear stayed relatively quiet on the subject, only telling Promo Marketing that it would continue with business as usual amid reports of potential liquidation.
The company also ranked in the top 10 of our 2018 Top Suppliers list, reporting $141.6 million in revenue that year.