San Luis Obispo, Calif., Sporting goods retailer Copeland Sports has announced ownership and management changes, along with a new financing agreement, in conjunction with the filing of a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code.
Tom, Jim and Mike Copeland have reacquired ownership of the company, and will resume an active management role. Copeland Sports also appointed Barry Soosman, who was formerly an executive VP of Guitar Center, to serve as CEO.
Copeland Sports filed a voluntary petition for relief under Chapter 11 on Monday. At the same time, the company announced that it had reached an agreement with Wells Fargo Retail Finance, LLC on a $25 million debtor-in-possession credit facility.