Dick’s Sporting Goods spent $15 million to buy bankrupt Sports Authority’s brand name and intellectual property.
The bid at Wednesday’s auction beat out British retailer Sports Direct International’s $13 million offer, sources familiar with the matter told The Wall Street Journal.
Along with the Sports Authority name and intellectual property, Dick’s got itself 31 of the dying retailer’s store leases for $8 million, the same source said. More leases from the retailer’s 450 stores were auctioned off to other bidders.
Read more at Sourcing Journal.