As part of a plan to close 76 of its retail outlets, Olympia Sports recently announced it is closing its Newtown location in Sand Hill Plaza, 228 South Main Street.

JackRabbit, an active lifestyle brand, announced a deal to acquire Olympia Sports on October 29. According to a statement, the deal includes certain assets, such as Olympia’s online presence and brand.

JackRabbit CEO Bill Kirkendall says acquired stores will be operated under the Olympia Sports banner.

The 76 closing stores were not part of the acquisition.

Olympia Sports President Ed Manganello founded the company 43 years ago at Maine Mall in South Portland, Maine. Olympia moved its headquarters to Westbrook, Me., in 2002.

Olympia Sports has selected SB360 Capital Partners LLC as their exclusive agent to conduct Store Closing sales in 76 stores.

The Store Closing Sale started Friday, November 1, and includes $44 million of inventory from the top brands in athletic footwear and apparel.

Storewide discounts will be offered on all men’s, women’s, and kids’ sneakers, running shoes, basketball shoes, boots, joggers, sweatpants, hoodies, sweatshirts, long and short sleeved T-shirts, coats, socks, hats, and other products.

Aaron Miller, executive vice president of SB360, said “Olympia Sports has been the destination store for sports enthusiasts throughout New England and beyond for decades. Because of their reputation in the markets they serve, the Store Closing discounts offered off Olympia’s already competitive prices will make for a very fast-paced sale.”

“The Olympia Sports stores occupy a space as the home-town favorite in most of the communities where the stores are located,” said Ziggy Schaffer, executive vice president of SB360. “They’re well-known for providing superior customer service and offering great value on authentic athletic footwear and apparel. With liquidation pricing, Olympia’s shoppers will have an opportunity to get the best product at the lowest price.”

The Olympia store closing is the latest business in that local shopping center to close or relocate. Newtown Savings Bank recently announced it would be relocating to the adjacent Plaza South in 2020.