Sports Authority, which originally filed for Chapter 11 Bankruptcy three months ago, now has plans to close all of its stores according to documents filed in the Bankruptcy Court for the District of Delaware this week.
Initially going into bankruptcy in March, the sporting-goods chain only intended to sell or close a third of its store, about 140 locations. Sports Authority had hopes of finding a buyer who would be interested and willing to keep the company going as a smaller retailer, but failed to do so at an auction last month. Upon losing hope that it could re-organize under bankruptcy protection, Sports Authority then opted to auction itself off and the company ultimately was bought by liquidators, Hilco Merchant Resources, Gordon Brothers Retail Partners and Tiger Capital Group, LLC. The liquidators won court permission on Monday to start putting up signs touting “store closing,” “sale on everything,” “everything must go,” “going out of business”, and “liquidation sale” at Sports Authority stores.
Close-out sales at all Sports Authority locations will be starting tomorrow, May 25, 2016, and going no later than August 31, 2016. Sports Authority currently has 20 locations in New Jersey: Brick, Cherry Hill, Clifton, East Brunswick, East Hanover, Flemington, Hazlet, Ledgewood, Manalapan, Mays Landing, Mount Laurel, Paramus, Piscataway, Ramsey, Riverdale, Secaucus, Sewell, Springfield, Wayne, and West Long Branch.