After 45 years of business – and after conferring with its financial and legal advisors – Omega Sports has confirmed it is going out of business, including its e-commerce operation. In a statement the retailer and team dealer pointed out that “the challenges presented by COVID-19 and the subsequent supply chain shortages, wage and cost inflation, and economic uncertainties have taken their toll on our business.” The company intends an orderly wind-down of operations from now through early summer.

Founded in 1978 by Phil Bowman and Thom Rock and later joined by Robert Hager, Omega Sports grew from a single store in Greensboro, NC to 14 locations in the Triad, Triangle and Charlotte areas, as well as Burlington, Greenville, High Point, Morrisville, Wilmington, and Wilson.

In 2017, Craig Carlock, the former CEO of the Fresh Market, purchased Omega Sports, Inc. Phil Bowman stayed with the company, but Thom Rock retired.

The retailer, which operated all its stores in North Carolina, filed for bankruptcy on March 25, 2021. The filing listed about $5.56 million in liabilities and between 100 and 199 creditors. Omega Sports filed a reorganization plan that called for the retailer to emerge from bankruptcy proceedings around its seven remaining stores and to pay off creditors over the next three years.

At the time of the filing, Omega Sport’s financial projections called for total revenue of $10.3 million in fiscal 2021, $13 million in fiscal 2022, $14.7 million in fiscal 2023, and $16 million in fiscal 2024. A return to profitability was expected by 2023 — to reach $318,000 in 2023 and $726,000 in 2024. Apparently that did not happen.

“We are grateful for our incredible team of dedicated employees who have unselfishly and professionally served our customers and communities for over four decades,” the company posted. “We are equally thankful for our longtime customers who have been loyal, supportive and faithful to Omega Sports.”