One of the nations largest Sporting Goods Retailers Plans Reorganization
It has been reported and speculated that the Sporting Goods giant, Sports Authority would soon file Chapter 11 as they have debt coming due within the week that they may not be able to pay. They had missed a $20 Million debt payment that was due a month ago and laid off 100 employees, mostly from their corporate office, so the warning signs were there. Ahead of the bankruptcy filing, Sports Authority is trying to work out a deal with creditors for a loan to get the company through bankruptcy, and line up liquidators for the 150 to 200 stores it plans to close, one of the people said this week. I’m hearing that number is in the 140 range of store closings out of the 450 stores nationwide.