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Sports Authority Suits Up for Chapter 11

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Less than a week after Sports Authority laid off 100 employees, mostly from its corporate headquarters, the struggling sporting-goods chain began gearing up to file for bankruptcy.

Citing people familiar with the private proceedings, Bloomberg Business broke the story Thursday that Sports Authority was in talks with lenders including TPG Capital Management LP on a Chapter 11 reorganization deal ahead of a looming debt-interest payment.

Part of the plan could involve closing nearly half of the roughly 450 stores it operates across the country.

Read more at Sourcing Journal.

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