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Modell’s, Sports Direct Drop Bid On Sports Authority

Rival brand Modell’s and British retailer Sports Direct are no longer interested in Sports Authority.

According to an industry source, both companies declined to submit offers by Sports Authority’s bid deadline, which was last Thursday, The Wall Street Journal reported.

Although Modell’s and Sports Direct recently talked about a joint bid to save the struggling retailer’s stores and employees, sources told the Journal the proposal went sour last week.

Even though there’s still a chance for another retailer to step in and rescue Sports Authority, the company’s stores likely won’t survive the bankruptcy, which was filed in March.

Sports Authority is currently having going out of business sales in stores and online. Apparel, accessories and sporting goods are currently 25 percent to 50 percent off their original ticketed prices.

According to CEO Michael Foss, Sports Authority will try to close all of its store locations by the end of August.