Thursday, October 12, 2017
Cramer explains how Sports Authority's bankruptcy cast a shadow on athletic retail
CNBC's Jim Cramer argued that Sports Authority's demise, which began with a leveraged buyout and ended with a botched restructuring program and crushing debt, cast a visible shadow on the sports retail industry.
"Things then got real ugly. A year ago, many investors were still optimistic this would just be merely a temporary disruption," Cramer said. "The idea was that, eventually, Sports Authority's closure would benefit competitors like Dick's Sporting Goods or Finish Line or Foot Locker. Man, that's not how it played out at all. If anything, the same-store sales from these sports-oriented retailers have just cratered.". . . more