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Sports Authority To Shut Down 140 Stores

Retail athletic gear purveyor Sports Authority will be shuttering about a third of its brick-and-mortar stores after declaring bankruptcy this week.
Retail athletic gear purveyor Sports Authority will be shuttering about a third of its brick-and-mortar stores after declaring bankruptcy this week. Photo Credit: Wikipedia

Retail giant Sports Authority, which Wednesday filed for bankruptcy, will close 140 of its 463 brick-and-mortar stores, according to multiple media reports.

The sporting goods chain, headquartered in Colorado, has been struggling with mounds of debt, according to Bloomberg.com.

Declaring itself insolvent allows Sports Authority to break leases with underperforming stores.

The chain employs more than 14,000 people.

Bloomberg.com reported Wednesday that the chain failed to take advantage of the current fitness boom, allowing its nearest competitor, Dick’s Sport Goods, to flourish.

In 2006, it was on par with Dick’s; today the latter purveyor of athletic and outdoor gear has hundreds of more stores and is raking in the cash, Bloomberg.com’s story said.

All retailers are being pinched, however, by the move towards online shopping, Bloomberg.com reported.

There are local Sports Authority locations in Yonkers and Elmsford in Westchester. The status of those stores has not yet been announced.

To read Bloomberg.com’s story, click here.

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