Sports Authority Might Have To Close All Its Stores
A major sporting goods store is facing bankruptcy and possibly having to close altogether.
Sports Authority will have to close 140 of its almost 500 stores as part of a bankruptcy filing that happened this week. Sports Authority took that step because it missed a missed a $20 million debt payment.
Sports Authority has gone from being the largest sporting goods retailer to now having assets valued at less than $50,000. Online sales and other retail venues selling the same merchandise are what industry insiders say caused Sports Authority’s collapse.
There is no word on which stores will be part of the first round of closures, or if the El Paso store will be closed in the first sweep.