Wednesday, May 18, 2016

Sports Authority’s Stores Have Been Sold To A Trio Of Liquidators, All Will Close

Image result for vacant sports authorityWhile regular customers and employees may have hoped that the competitors of bankrupt sporting goods chain Sports Authority would bid on its stores and inventory, taking over and keeping the branches open so they could expand into new markets. While Dick’s Sporting Goods and Modell’s did bid, ultimately the winner of all remaining stores was a group of three notorious liquidators bidding together: Tiger Capital Group, Hilco Global, and Gordon Brothers.

Yes, this means that all Sports Authority stores will close, and the brand will die out. Their leases will sell later to raise more cash for lenders, and it’s possible that other sporting goods stores could take over those leases. The liquidators are more interested in the merchandise: they reportedly bid 101% of the original cost of the stores’ inventory, plus $1.8 million, a source told the Wall Street Journal.. . . more

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