Philadelphia Business Journal Article
Sports Authority closing all stores, drops reorganization bid
Sports Authority, which filed for Chapter 11 bankruptcy protection last month, has abandoned its reorganization effort and will instead sell its assets to a number of interested buyers.
According to a Tuesday Wall Street Journal story, an attorney for the Englewood, Colo.-based retailer told a judge that the company would no longer pursue a reorganization.
Earlier this month, national reports said that the company was pushing back its bankruptcy auction . When the company filed for Chapter 11, it planned to close about 140 stores – including two in Pennsylvania, five in New Jersey and one in Delaware.
Now it will close all of its more than 400 locations nationwide. The bulk of Sports Authority’s assets will go to auction on May 16.
