Sports Authority going-out-of-business sales start Thursday
A federal bankruptcy judge on Tuesday afternoon signed off on Sports Authority’s plan to have liquidators start going-out-of business sales at all of the Englewood-based retailer’s more than 460 stores.
The store-closing sales will start Thursday, the trio of liquidators said in a statement released following the filing of the order in the U.S. Bankruptcy Court in Delaware. The sales will end by Aug. 31.
There are two Sports Authority stores in Colorado Springs: 2120 Southgate Rd. and 7730 N. Academy Blvd.
“Words cannot adequately express the disappointment we feel with the need to shut down our stores,” Michael Foss, Sports Authority chief executive officer, said in a statement issued by the joint venture of liquidators. “We pursued both a plan of reorganization, as well as a sale of our business, but were unsuccessful in reaching an agreement that would have allowed Sports Authority to continue to operate. We sincerely thank our loyal customers for supporting our company over the years and encourage them to shop early for tremendous values on their favorite sporting good products.”
The order finalizes last week’s bid by Hilco Merchant Resources, Gordon Brothers Retail Partners and Tiger Capital Group for the bankrupt sporting goods retailer’s inventory. The liquidators agreed to pay between $368 million and $393 million plus a $1.8 million augment guarantee, court records show. (The bid contained sales guidelines that said liquidation sales could start as soon as Wednesday.)
A customer enters the Sports Authority store on North Academy Blvd. Wednesday May 24, 2016. The sporting goods company will begin liquidating all its store begining Thursday. (The Gazette, Christian Murdock)