While Dick’s Sporting Goods has proven resilient and has consistently delivered strong results, many of its rivals have struggled, and a number have gone out of business.
Bob’s Stores, Next Adventure, and Moosejaw all shut down in 2025, while Eastern Mountain Sports closed many of its locations. Eddie Bauer is currently in the process of closing its stores in the United States, and Orvis has closed more than 35 locations.
Retailers in the outdoors space have been trying to decide how to move forward, Gartner Analyst Kassi Socha told Modern Retail.
“A lot of outdoor retailers right now are in planning mode. They’re reevaluating everything from their loyalty programs to their omnichannel experiences to prepare and adjust for the future of what their retail sector looks like,” she said.
The 38-year-old Sportsman’s Warehouse appears to be the next sporting goods and outdoor retailer to tighten its belt and close stores.
Sportsman’s Warehouse has struggled
Sportman’s Warehouse, which operates 146 stores across 32 U.S. states, recently shared a preliminary fourth-quarter and full-year earnings report.
Some of the highlights include:
- Net sales of approximately $334.9 million, and same-store sales of approximately $333.6 million.
- Adjusted EBITDA of approximately $9.6 million.
- For the 52 weeks ended Jan. 31, 2026, the company expects to report net sales of approximately $1,209.2 million and same-store sales of approximately $1,205.6 million.
- This is an expected increase of 1% and 1%, respectively, compared to the prior year.
- Adjusted EBITDA of approximately $27.5 million.
- Net debt of approximately $90 million, a decrease of 6.1%.
- Ending inventory of approximately $312.9 million, a decrease of $29.1 million or 8.5% compared to the prior year.
- Total liquidity of approximately $107.8 million.
In a challenging environment, those numbers should be seen as a positive, but a consensus rating of analysts compiled by TipRanks still rates the stock as a “strong sell.”
Fourteen analysts who cover the stock saw it as “bullish,” while five were neutral and three rated it as “bearish.”
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Sporting goods and outdoor goods retailers have struggled
Like all retailers, sporting goods chains have lost some sales to the internet.
Personally, I’ve moved to buying sneakers online since the Covid pandemic, which mirrors the shift many consumers have made toward digital channels.
“Mall stores have lost shoppers to stand-alone and online operations in the past two decades, a trend mirrored in the athletic-goods space,” David Swartz, senior equity analyst at Morningstar Research Services, told The Washington Post.
That has contributed to a number of closures in the space, a long list that includes the following.
- Eddie Bauer, filing Chapter 11 and closing North American stores: Outdoor apparel chain Eddie Bauer LLC filed for Chapter 11 bankruptcy in early 2026 and is winding down its physical retail footprint across the U.S. and Canada, with roughly 175-180 store closures planned as part of liquidation or sale efforts, reported TheStreet.
- Orvis, planned closures of full‑price and outlet stores: Orvis revealed plans in 2025 to shutter 31 full‑price stores and five outlet locations nationwide as part of strategic refocusing due to rising costs and changing consumer demand, according to another TheStreet story.
- Bob’s Stores & Eastern Mountain Sports: Its parent company filed for bankruptcy and announced the permanent closure and liquidation of all Bob’s Stores and a reduction/closure of many EMS locations in 2024, RetailDive reported.
- Big 5 Sporting Goods, multiple closures in 2025: Big 5 announced eight store closures in 2025 as part of ongoing footprint optimization while adjusting to market pressures, TheStreet also reported.
- Next Adventure: The longstanding Portland, Oregon‑area outdoor gear retailer Next Adventure announced plans to close all of its locations by late 2025 amid owner retirement and market challenges, the company shared on its website.
- REI, select store closures: REI will close specific locations as part of broader store portfolio adjustments in 2025-2026, according to USA Today.
All sporting goods chains face new challenges
Sporting goods chains also face political uncertainty, which could raise costs and lower sales.
“The industry has another challenge on the horizon: Eighty-four percent of sporting goods executives expressed concern about the impact of the geopolitical environment on their business. Potential tariff increases this year could have a significant effect on the sporting goods sector, particularly in terms of pricing and supply chain management,” according to McKinsey’s 2025 Sporting Goods Industry report.
In addition, sporting goods retailers face another challenge: low physical activity levels among segments of the population.
“Physical inactivity also presents an existential risk to the sporting goods industry. If levels continue to rise or even remain constant for younger generations, the market related to physical activity will decline. However, converting physically inactive segments is the biggest potential opportunity for the sporting goods industry,” McKinsey added.
The global population that is currently not meeting WHO’s recommended levels of physical activity totals 1.8 billion, an untapped market equivalent to twice the size of India’s adult population.
“The good news is that sporting goods companies have an opportunity to take targeted action to empower sedentary consumers to increase their physical activity levels. They could seek to remove barriers to physical activity for more sedentary segments, including via product innovation, marketing campaigns to raise awareness, and enhanced youth engagement,” the study shared.
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