Sports Authority gives up on survival; auction set for May 16
ENGLEWOOD, Colo. — Sports Authority has given up on plans of reorganizing and exiting bankruptcy. Instead, a lawyer for the Englewood-based sporting goods chain told a bankruptcy judge that debtors will pursue a sale, according to a report Tuesday by Dow Jones Newswires.
Sports Authority filed for bankruptcy protection in March. It’s more than $1.1 billion in debt.
Some stores were already closing when the bankruptcy was announced. Others are currently closing, including the Sports Castle location at East 10th Avenue and Broadway.
But now an auction for the bulk of Sports Authority’s operations is set for May 16 and it’s unknown if any stores or outlets will remain open.
Sports Authority also has a contract for the naming rights at Sports Authority Field at Mile High that costs $6 million a year through 2021. There’s no word on what will happen to the stadium name.AlertMe