SUDBURY – Running and active lifestyle retailer JackRabbit of California has purchased Maine-based Olympic Sports.
Headquartered in Westbrook, Maine, the sporting good store chain opened its first location at the Maine Mall in Portland 44 years ago.
The deal was announced yesterday, October 8.
JackRabbit will acquire the assets and liabilities, including Olympia’s online presence and brand.
JackRabbit will continue to operate the acquired stores under the Olympia Sports banner, said CEO Bill Kirkendall in a statement.
Half of Olympia’s more than 150 stores will close as a result of the acquisition, said Olympia Communications Manager Joanne Kenny.
She would not specify which stores nor the timing. She said the company still is talking with employees.
OlympiaSports has more than 200 locations, including one in Sudbury. There are also stores in Cambridge and Franklin in Massachusetts.
“We look forward to transitioning Olympia to the JackRabbit family and believe they will be outstanding stewards of the Olympia brand and its long-standing customers and vendors,” Ed Manganello, president of Olympia Sports, said in a prepared statement.
“We are pleased to partner and work with JackRabbit and CriticalPoint Capital on this transaction,” said Olympia Sports President Ed Manganello, in a statement. “Olympia Sports, the Manganello family and our dedicated employees have tirelessly served our customers and communities for nearly five decades.”