Dive Brief:

• Boston-based sports apparel retailer City Sports Inc., in which venture capital firm Highland Capital Partners owns a majority stake, filed for bankruptcy protection on Monday in Delaware.

• The company was founded in 1983 by high school pals Mike Kennedy and Eric Martin and plans to shutter eight of its 26 stores.

• The retailer had recently tapped Marty Hanaka as CEO to help with a turnaround, but the company said that cost-cutting hasn’t been enough to stanch hemorrhaging sales.

Dive Insight:

City Sports is among the local and regional sports retailers caught in the fierce competition in the space from national chains like Dick’s Sporting Goods and more general apparel retailers that have launched their own sports lines.

Retailers as diverse as Gap Inc. and Target have increasingly offered running and yoga apparel as more people wear the clothing for activities beyond sports.

The retailer is hoping for a buyer, but has plans to launch "going out of business" sales.

“Our stores remain stocked with the same high-quality products, and we will continue to honor gift cards and returns on merchandise purchased prior to the filing,” Hanaka told Footwear News. “Our team is focused on developing a reorganization plan and running the business during this time of transition.”