Englewood, Colo. — Englewood-based Sports Authority Inc. has made public a list of 140 stores it plans to close in conjunction with the retailer’s move to file for Chapter 11 bankruptcy protection.
Sports Authority has received access to up to $595 million in debtor-in-possession financing in conjunction with the Chapter 11 filing in the District of Delaware. The company has received court approval to begin liquidating stores with a portion of its $595 million bankruptcy loan.
The decision to close stores follows a comprehensive review of the Sports Authority portfolio in light of the increasing amount of shopping that is occurring online, the company stated in a March 2 press release.
“As a result of these changes in consumer buying patterns, Sports Authority determined that it needs fewer stores as part of its long-term business model,” according to the press release. (For more on what ultimately led the sporting goods retailer to file for Chapter 11 bankruptcy protection, click here)
A full list of store closures can be found here: http://rebusinessonline.com/sports-authority-unveils-list-of-140-store-closures/