Sports Authority Inc. is preparing to file for bankruptcy as it faces a default on its debt, sources told Bloomberg. At the same time, the retailer is also working on a deal with bondholders to avoid the filing.
According to the Bloomberg report, Sports Authority is in talks
with lenders to reorganize in Chapter 11 bankruptcy proceedings. The
potential restructuring would entail the closing of as many as 200 of
its more than 450 stores in reorganization, sources said. . . . more