Sports Authority is filing for Chapter 11 bankruptcy protection. The retailer said Wednesday that it plans to close or sell about 140 stores and two distribution centers, in Denver and Chicago. The Englewood, Colorado, company has 463 stores in 41 states and Puerto Rico. The store closings are expected to take up to three months.
Sports Authority stores will remain open and run on normal schedules during the Chapter 11 process. The company’s website will continue to function, and the chain plans to honor warranties on items purchased at its stores or online. “We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” CEO Michael Foss said in a written statement. The executive said that it needs fewer stores as consumers are increasingly shifting to online shopping. READ MORE
