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Sports Authority Going Out of Business Sale Starts May 25 - Closing All Stores by August 31, 2016

submitted 299 days ago by HouTex in "Stores / Merchants", last updated 194 days ago by HouTex
See the latest update in comments. 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
https://www.internetretailer.c.....filing-bay
http://www.denverpost.com/busi.....s-100-jobs
        

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  Comments
  • 226015
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut 287 days ago
    [reply] 1 0
    There was a sign at a local Sports Authority this weekend that said the store will be closing which makes sense since the store is as big as a warehouse and hardly any customers.
  • 226032
    2kidsnuts
    professor
    10 8 2
    Posted by 2kidsnuts 286 days ago
    [reply] 1 0
    No stores in my area anyways.
  • 228021
    HouTex
    admin
    Posted by HouTex 229 days ago [reply] 0 0
    Why? Consumerist posted their view at https://consumerist.com/2016/0.....-bankrupt/
  • 228029
    YanBz
    admin
    Posted by YanBz 228 days ago [reply] 0 0
    We had two stores in our area, the consolidated into one last year. This last store never has any customers whenever I come.
  • 228123
    StarWarrior
    apprentice
    11 6
    Posted by StarWarrior 226 days ago
    [reply] 3 0
    Dick's sporting goods is taking over.
  • 228124
    Pennydaze
    novice
    9 3
    Posted by Pennydaze 225 days ago
    [reply] 3 0
    Prefer Dicks sporting goods over any other store for sports wear.
  • 228197
    mdshopper1
    master
    1 2
    12 10 2
    Posted by mdshopper1 223 days ago [reply] 0 0
    we have one in our area and it seems to do well. i have a $25 gift card for the store so maybe i should think about using it?
  • 228946
    HouTex
    admin
    Posted by HouTex 198 days ago
    [reply] 1 0
    Now is the time to redeem all Sports Authority gift cards. The chain has been unable to find a buyer, and now plans to begin closing all stores around May 25, 2016, ending around August 31, 2016. But the sales that begin just before Memorial Day and conclude before Labor Day may not offer deals as good as you have seen in the past.

    According to Consumerist https://consumerist.com/2016/0.....august-31/
    At first, you’ll generally see merchandise marked up to its full retail value, which is not necessarily what you would have paid before the liquidation sale. Then the markdowns begin, ending when there’s nothing left but dregs from the warehouse for 90% off, and the shelves and fixtures are for sale.
      228957
    • clover
      professor
      1 6 7
      12 11 2
      Posted by clover 198 days ago [reply] 0 0
      The store by me just has fixtures left for sale.
  • 229081
    HouTex
    admin
    Posted by HouTex 193 days ago [reply] 0 0
    Additional updates:

    Warranties for merchandise purchased at a Sports Authority store or online will be covered by Asurion without change or interruption. Call 1-866-882-8512. The website is https://hub.asurion.com/ecp/en.html

    Exchanges or returns can only be made at a Sports Authority store through June 25th, 2016.

    Sports Authority gift cards can no longer be purchased, but will be honored through June 28th, 2016.

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