Sports Authority Files For Bankruptcy, Will Close 140 Stores
CHICAGO (CBS) -- One of the nation's largest sporting goods retailers, Sports Authority, has announced plans to close or sell about 140 stores, and two distribution centers, including one in Romeoville, as it files for Chapter 11 bankruptcy protection.
Sports Authority CEO Michael Foss said the decision to file bankruptcy has been months in the making.
Foss seemed to put some of the blame on online retailers like Amazon.
"Due to the changing retail environment, we have a long-term plan to streamline and strengthen our business so we can continue to make necessary investments in our operations, including upgrading our in store experience and enhancing our website," Foss said in an e-mailed statement.
The company has not yet identified which stores will close, but executives have confirmed the company will close a distribution center in Romeoville and another in Denver in the coming months.
About 140 stores will either close altogether or be sold. The closures will take place throughout the next three months.
The company will honor warranties on items purchased at stores or online, and gift card balances will not be affected.