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They have been unable to find a buyer, and will now close all stores.
Sports Authority is negotiating with creditors as the clock ticks on a $20 million interest payment that it skipped last month on its $343 million of subordinated debt. It’s been talking to holders of those bonds about accepting a loss in exchange for other securities. The company would be able to stave off a bankruptcy filing if it reaches a deal with the bondholders.
The retailer, once the biggest sporting-goods chain in the U.S., is also mapping out a plan to close as many as 200 of its more than 450 stores under the bankruptcy plan.
Today Dick’s Sporting Goods is the largest sporting-goods chain, with $6.8 billion in revenue in fiscal 2015 and 645 stores. Nine years ago, the two were neck and neck in revenue.
Sports Authority has cut about 100 jobs so far, mostly from its Englewood corporate headquarters.
Read more - http://www.bloomberg.com/news/.....tcy-filing