Sports Authority may sell remaining stores
Just two months after Sports Authority Inc. announced that an Auburn Plaza location will be closing along with 139 other stores as part of its Chapter 11 bankruptcy filing, Forbes reports that the big-box chain may have to liquidate all of its 450 locations — including one in South Portland — in the coming months.
Sports Authority, which is based in Englewood, Colo., and owned by Los Angeles-based private equity firm Leonard Green & Partners, said in March that it lost a large portion of its market share to online retailers; "failed to keep up with consumer trends," including the decline in popularity of golf; and was burdened with $1.1 billion in debt, according to a report by USAToday.
Forbes reports that the bulk of Sports Authority’s assets are set to go up for sale on May 16, and while buyers could emerge to keep some locations open, it’s possible all 450 stores could be liquidated.
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Auburn store among 140 Sports Authority plans to close or sell
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