sports authority sold its stores to liquidators on may 18, 2016.
sports authority sold its stores to liquidators on may 18, 2016.
when did sports authority sell its stores to liquidators?
may 18, 2016
on march 2, 2016, sports authority filed for chapter 11 bankruptcy, but the case was converted to chapter 7 a few months later. on may 18, 2016, the company's stores were sold to a group of liquidators and on may 25, ceo michael foss announced that all of the stores would close by the end of august 2016. on june 30, 2016, dick's sporting goods won the auction for sports authority's brand name and intellectual property.
sports authority
on february 4, 2016, it was widely reported that sports authority was set to declare chapter 11 bankruptcy, due to debt problems. later that month, "the dallas morning news" reported that the company planned to close all 25 of its stores in texas. the report did not specify a date for the closures. on march 2, 2016, sports authority filed for chapter 11 bankruptcy. after considering restructuring, sports authority announced that on april 26, they would sell all of their assets, including all of the remaining store locations. earlier in april, reuters reported that academy sports + outdoors and dick's sporting goods had expressed interest in purchasing sports authority's assets. on may 3, 2016, the company notified the us bankruptcy court that it would not reorganize its debt but would auction its assets. contrary to media reports, the company announced it would not be liquidating its assets, but would be auctioning off its stores and operations, with the intended goal of keeping all of its stores open. on may 18, however, it was announced that the effort to avoid liquidation was unsuccessful, causing the chapter 11 bankruptcy filing to be converted to chapter 7. the stores would in fact be closed, part of the american retail trend known as the retail apocalypse.
sports authority