Sports Authority Files For Bankruptcy, Will Close 140 Stores
LOS ANGELES (CBSLA.com) — Another Southern California retail giant will be closing its doors.
Sports Authority filed for bankruptcy early Wednesday and will close 140 stores across the U.S., company officials announced.
The closings amount to about a third of the chain's stores and are expected to take place by June.
Once known as the largest sporting goods retailer in the U.S., Sports Authority first signaled its financial struggles in January, when the company announced it had missed a $20 million debt payment.
"We have decided to utilize the Chapter 11 process to implement a financial and operational restructuring that we believe is necessary to help us become an even better place for our customers to shop for sporting goods," Sports Authority CEO Mike Foss said in a statement.
It was not immediately known which of Sports Authority's roughly 20 Southland locations would be affected.
