March 3rd, 2016

Sports Authority Goes Bankrupt

“The Englewood, Colo.-based chain — owned by Los Angeles-based private equity firm Leonard Green & Partners — filed for bankruptcy Wednesday, citing $1.1 billion in debt and saying that its sales had slumped after it failed to keep up with consumer trends. Nearly one-third of the retailer’s locations will begin liquidation sales within days. The list includes 25 stores in Texas, 19 in California, 18 in Florida and 11 in Illinois.” – USA Today

“In the action sports space, Burton is owed $3.9 million, K2 $2.5 million and Rip Curl $2.5 million, according to court documents. Large athletic brands are owed the most money, however. According to the court documents, Sports Authority owes Nike $47.9 million, Asics $23.3 million, and Under Armour $23.2 million.” – Tiffany Montgomery


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