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Sports Authority to sell everything and close

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Staff writer ▼ | May 2, 2016
Sports Authority
The end   Sports Authority will hold an auction May 16

Two months after announcing it planned to close about 140 stores, Sports Authority has decided to sell its remaining assets, according to Forbes.

Rather than attempt to re-organize under Chapter 11 bankruptcy protection, Sports Authority will hold an auction May 16.

If a buyer emerges, some locations could be saved, according to Forbes. There are 463 Sports Authority stores in 41 states employing more than 14,500.

Back in March, Sports Authority and several of its affiliates filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

“We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” said Michael E. Foss, chief executive officer of Sports Authority, at the time.

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