The Sports Authority recently announced that it will not try to re-organize under bankruptcy protection, and instead move towards auctioning off all 463 of its stores, according to multiple reports.
In March, the company filed for Chapter 11 and said that it would close 140 stores. But during a court hearing last week the company said it would hold a court supervised auction on May 16 to try and sell its assets, said Fortune.com.
During the hearing, the company said takeover offers barely covered its $100 million administrative costs, much less the $1.1 billion it owes creditors, added Fortune.com.
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