The clock’s run out for Sports Authority.
The bankrupt sporting goods retailer will shut all 450 of its U.S. stores after an auction failed to find a buyer and going-of-business sales will soon be underway at each location, a court filing has disclosed.
Sports Authority had previously said it would close 140 of its 450 locations.
Saddled with more than $1.1 billion in debt, the Colorado-based retailer filed for Chapter 11 in March with the intention to restructure and emerge from bankruptcy, but failed to reach an agreement with creditors and lenders. Instead, its inventory was sold to a trio of liquidators—Tiger Capital Group, Hilco Global and Gordon Brothers—at an auction earlier this week.
No word yet on when the stores will close. Auctions for its leases, name and Denver Broncos stadium naming rights will be put up for auction at a later date. About 14,500 people were employed by the company at the time of its March bankruptcy filing.