Sports Authority bankruptcy sale could close remaining 450 stores


May 2, 2016 Facebook Twitter LinkedIn Google+ News


Sports Authority filed for bankruptcy in March, is weighing a sale of its assets that could be end up closing most if not all of its 450 stores including all Hawaii locations.

 

Under its original bankruptcy filing, the chain planned to close 140 stores and to keep the rest open. But attorneys for Sports Authority notified the federal bankruptcy court last week that it could not win approval from its creditors and lenders.

Sports Authority stated that it is” pursuing a sale of some or all of the business.”

“We have received initial expressions of interest from a number of potential buyers, and we are optimistic about the results of the process. The outcome of the…process will determine whether any additional store closings will be required.”

Experts believe it’s likely that the majority, if not all, of the chain’s stores will go away in relatively short order.

The company had 14,500 full- and part-time employees at the time of its bankruptcy filing. When the company was bought by a hedge fund 10 years ago, it was the nation’s largest sporting goods retailer. But it has struggled with the debt load associated with a leveraged buyout.

Sports Authority is the latest brick-and-mortar retail giant to fall on hard times as more shopping moves online.

Reviews