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New York & Tri-State  + New York  + Retail  | 

Sports Authority Files for Bankruptcy, Closing 140 Stores

For more on the changing retail industry, attend Connect Retail West on March 16th at the Conga Room at LA Live. 

Sports Authority Inc. has filed for Chapter 11 bankruptcy protection. As part of the action, the Englewood, CO-headquartered company will sell or close about 140 stores over three months time. “We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” said Michael Foss, CEO of Sports Authority.

Sports Authority has hired Melville, NY-based A&G Realty to dispose of 87 leases, and to help reduce occupancy costs as part of the process. A&G indicated that the company will exit Texas, and “good locations” are available in California, Florida and Puerto Rico.

Multiple sources noted that the filing wasn’t a surprise, given competition from Dick’s Sporting Goods, as well as online sellers. The sporting-goods retailer was also reportedly having problems paying suppliers and creditors.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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