Beleaguered M Den says sale of company near, Novi store closed
Ann Arbor-based The M Den, the recently beleaguered official sports merchandise retailer of the University of Michigan athletic department, said Thursday that a sale of the company is imminent and one of its stores is closing immediately.
The company's afternoon announcement was made on X, formerly known as Twitter, and said the M Den store in Twelve Oaks Mall in Novi has closed "in the anticipation of the sale of our company."
The announcement did not identify a buyer or give a timeline for the sale.
However, earlier this month the U-M athletic department sent notices to U-M licensees saying that it is in discussions with a firm called Legends Global Merchandise to become the new "Official Team Store," although one that would still operate under "The M Den" name.
M Den's announcement on Thursday said workers at the Twelve Oaks Mall store were offered positions at other M Den locations. The M Den website shows four other stores, including in downtown Ann Arbor, Briarwood Mall in Ann Arbor and downtown Detroit on Columbia Street.
M Den has faced an onslaught of claims this year from vendors and landlords concerning unpaid bills, including reports of missed rent payments for the Briarwood Mall and Twelve Oaks Mall stores. The largest known claim is from a sportswear manufacturer in Kansas that alleges M Den and its co-owner and president, Scott Hirth, of Carleton, owe more than $4 million.
The financial issues came as a surprise for some M Den vendors, who assumed that the retailer was doing strong business considering the U-M football team's 2023 national championship season.
A U-M athletic department official had no comment for this story, and a Legends spokesperson couldn't immediately be reached for comment.
Legends is a multifaceted sports business firm based in New York City that has merchandising, venue planning, sponsorship and hospitality divisions. It is said to be majority owned by a private equity firm, Sixth Street, with minority owners that include the New York Yankees and the Dallas Cowboys.
More: U-M athletic department looking for new official retailer to operate under M Den name
More: Claims of unpaid bills piling up for The M Den
Contact JC Reindl: 313-378-5460 or jcreindl@freepress.com. Follow him on X @jcreindl
This article originally appeared on Detroit Free Press: M Den says sale of company near, Novi store closed