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Sports Authority Files for Bankruptcy

Sports Authority confirmed on Wednesday that it filed for Chapter 11 bankruptcy protection and that it will close 140 stores in an effort to adapt its business to the demands of modern retail.

In a statement Wednesday, Sports Authority CEO Michael E. Foss said, “We intend to use the Chapter 11 process to streamline and strengthen our business both operationally and financially so that we have the financial flexibility to continue to make necessary investments in our operations.”

Read more at Sourcing Journal.

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