On March 2, 2009, Sport Chalet, Inc. (the "Company") and its wholly-owned subsidiary, Sport Chalet Value Services, LLC ("SCVS"), entered into a Third Amendment to Amended and Restated Loan and Security Agreement (the "Third Amendment") dated as of March 2, 2009, with Bank of America, N.A. (the "Bank") as agent for the lenders under that certain Amended and Restated Loan and Security Agreement, as amended, dated as of June 20, 2008 (the "Loan Agreement").

Under the terms of the Third Amendment, (i) the Bank waived an existing event of default and certain potential defaults by the Company under the Loan Agreement and amended provisions of the Loan Agreement relating to those potential defaults, (ii) the amount the Company can borrow against its borrowing base has been reduced by approximately 3% to between 61% and 66% of eligible inventory (varying from month to month), (iii) the interest rate has been increased from the Bank's prime rate plus 0.5% or LIBOR plus 2.5% (subject to reduction depending upon the Company's financial performance) to prime rate plus 2.0% or LIBOR plus 4.5%, at the Company's option, (iv) the Company has agreed to maintain a minimum monthly EBITDA ranging from -$3.5 million to $5.6 million depending on the measurement date, and (v) the Company has agreed to continue to retain an acceptable turnaround professional until specified financial milestones are met. The Company's seasonal revolver limits remain unchanged, so that the credit facility continues to allow for advances up to $45 million from January 1st to August 31st and $70 million from September 1st to December 31st, subject to availability based on eligible inventory. The Loan Agreement expires in June 2012.

The foregoing summary is qualified in its entirety by reference to the copy of the Third Amendment which is attached as Exhibit 99.1 to this Report and is incorporated herein by this reference.

On March 2, 2009, the Company entered into the Third Amendment described in Item 1.01 above, which description is incorporated in this Item 2.03 by this reference.

On March 2, 2009, the Company issued a press release announcing that it has entered into the Third Amendment described in Item 1.01 above. A copy of the press release is attached as Exhibit 99.2 to this Report and is incorporated herein by this reference.

The information furnished in Item 7.01 of this Report, including the exhibits incorporated by reference, will not be treated as "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section. This information will not be deemed incorporated by reference into a filing under the Securities Act of 1933, or into another filing under the Exchange Act, unless that filing expressly refers to

specific information in this Report. The furnishing of the information in Item 7.01 is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information this Report contains is material investor information that is not otherwise publicly available.

(d) Exhibits.

         Exhibit
          Number                        Description of Exhibit
           99.1     Third Amendment to Amended and Restated Loan and Security
                    Agreement dated as of March 2, 2009, among Sport Chalet, Inc.,
                    Sport Chalet Value Services, LLC and Bank of America, N.A.

           99.2     Press release dated March 2, 2009, entitled: "Sport Chalet
                    Enters into a New Amendment to Loan Agreement."