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Tuesday, May 03, 2016

Sports Authority Files for Bankruptcy: 450-Store Closure Could Leave 14,500 People Jobless

Outdoor apparel giant Sports Authority has filed for Chapter 11 bankruptcy protection and the retail chain could close all or most of its 450 stores nationwide as it struggles to pay off a reported $1 billion debt.

Sports Authority is “pursuing a sale of some or all of the business,” a company statement said. “We have received initial expressions of interest from a number of potential buyers, and we are optimistic about the results of the sale process.”

Founded in 1928, the athletic apparel retailer was once the largest sporting goods chain in America.

In the years after its 2006 leveraged buyout by Leonard Green & Partners, Sports Authority saw a slump in sales due to competition from mega retailer Dick’s and online merchants.

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9 comments:

Anonymous said...

Are there any on the shore?
Don't think I have been to any here.
I know the shoe store next to 5 below is going out of business.

Anonymous said...

Obamanomics at its best....

Anonymous said...

Kids don't want to get off the couch and play sports, it is X-box time !

Anonymous said...

Any news on giant?

Anonymous said...

Did obama invent the internet? Brick and mortar stores are closing as people buy more stuff online. No surprise. Don't need to deal with salespeople or cashiers. Product delivered to you and no parking problems.

Anonymous said...

Areopostle is next

Anonymous said...

There have always been bankruptcies. Often the company comes back after reorganizing.

Anonymous said...

Must be those greedy eight dollar an hour employees, drove them out of business paying them so much.

Anonymous said...

everybody knows al gore invented the internet and discovered global warming