Sports Authority Is Likely to Close All 463 Stores

Jobs just keep going away……

In March, the debt-laden retailer filed for Chapter 11 protection in federal bankruptcy court in Delaware, saying that it would close about 140 of its 463 stores.

But last week, The Sports Authority gave up hope it could re-organize under bankruptcy protection, opting instead to auction itself off for whatever it can get.

The company “will not be able to reorganize under a plan, but will instead pursue a sale,” a lawyer for Sports Authority said at a hearing last week. So the company is offering up almost all of its assets at a court supervised auction on May 16. Contrary to many media reports this weekend, The Sports Authority has not yet said whether it will shutter its entire fleet of stores.

Read More: http://fortune.com/2016/05/02/sports-authority-liquidation/

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