SPORTS AUTHORITY CONFIRMS CLOSURE AND LIQUIDATION OF ALL STORES

Outdoor retailer Sports Authority will begin liquidating all of its stores in the United States starting on May 26. The joint venture of Gordon Brothers Group, Hilco Merchant Resources, and Tiger Capital Group will assist the company with its going-out-of-business sales which are slated to conclude on June 27, after its full Chapter 11 bankruptcy plan was approved by the Delaware Bankruptcy Court. The company had attempted to reorganize, as previously reported by MR, Sports Authority initially planned to close 140 stores in its initial Chapter 11 bankruptcy filing.

Sports Authority will offer discounts on all shoes, clothing, athletic gear and accessories including such popular brands as Under Armour, Nike, North Face, Wilson, Adidas, Spalding, ASICS, Head, Coleman, Everlast and Brooks. Store fixtures, furniture and equipment will also be available for sale.

“Words cannot adequately express the disappointment we feel with the need to shut down our stores. 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,” stated Michael Foss, CEO of Sports Authority. “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.”

“Our liquidation sales will offer shoppers extraordinary opportunities to buy the kinds of sporting goods, equipment and apparel they’ve come to expect from Sports Authority – all at deep discounts,” said a representative from the joint venture. “Most markdowns will be taken on already reduced prices, including clearance inventory, so the liquidation savings will be significant. Additionally, this event comes just in time for Father’s Day gift giving and the start of summer outdoor activities.”