We originally posted an article on Wednesday, March 2, 2016 that the Sports Authority chain had filed for bankruptcy protection. Sadly, they have announced plans to close all of their stores and liquidate their inventory and assets.
Sports Authority has changed direction and decided to try to sell off its assets rather than trying to reorganize under bankruptcy protection. Initially, the sporting goods chain, said it would close or sell about a third of its 463 stores but stay open as a more streamlined company. The company’s lawyers said it had changed its approach.
In addition to a Yonkers store at the Cross County mall, Sports Authority has a store in Elmsford.
Showing posts with label Chapter 11. Show all posts
Showing posts with label Chapter 11. Show all posts
Wednesday, May 4, 2016
Wednesday, March 2, 2016
Sports Authority Files For Bankruptcy
ABG received a press release this morning from Sports Authority Chief Executive Officer Michael Foss. The press release briefly detailed the bankruptcy plans that Sports Authority will be utilizing during the near future. Below is an excerpt from that press release. There was no specific mentioning of the fate of the Sports Authority store located in Elmsford on Rt 119. The closest sporting goods store in the area would then be Modell's Sporting Goods, also on Rt 119 in the Crossroads Shopping Center in the Fairview section of Greenburgh.
Excerpt:
During the past several months, we have been working very hard to adapt our business to better meet the needs of our customers. We are committed to evolving as a company so we are ableto continue to offer the best brands at great values - both in our stores and on our website, SportsAuthority.com.
With these goals in mind, we have decided to utilize the Chapter 11 process to implement a financial and operational restructuring that we believe is necessary to help us become an even better place for our customers to shop for sporting goods.
Due to the changing retail environment, we have a long-term plan to streamline and strengthen our business so we can continue to make necessary investments in our operations, including upgrading our in store experience and enhancing our website. As part of that plan, we have identified approximately 140 stores that we intend to close or sell in the coming months. This was a tough decision to make, but we believe it was a necessary step in our plan to make Sports Authority an even better partner for our customers. The store closings will occur over the next three months.
Excerpt:
During the past several months, we have been working very hard to adapt our business to better meet the needs of our customers. We are committed to evolving as a company so we are ableto continue to offer the best brands at great values - both in our stores and on our website, SportsAuthority.com.
With these goals in mind, we have decided to utilize the Chapter 11 process to implement a financial and operational restructuring that we believe is necessary to help us become an even better place for our customers to shop for sporting goods.
Due to the changing retail environment, we have a long-term plan to streamline and strengthen our business so we can continue to make necessary investments in our operations, including upgrading our in store experience and enhancing our website. As part of that plan, we have identified approximately 140 stores that we intend to close or sell in the coming months. This was a tough decision to make, but we believe it was a necessary step in our plan to make Sports Authority an even better partner for our customers. The store closings will occur over the next three months.
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