The fourth-largest U.S. sporting goods chain is headed for bankruptcy, a reversal of fortune analysts blame on Sports Authority's staggering debt and the retailer's failure to adapt to changing consumer tastes.
The Englewood-based retailer is nearing the end of a 30-day grace period on a $21 million interest payment it skipped in January. Failure to pay by Valentine's Day would trigger a default on its $343 million of subordinated debt.
Sports Authority leadership has begun negotiations with lenders on a deal to reorganize through Chapter 11 bankruptcy, Bloomberg reported this month. That could result in the closure of as many as 200 of its more than 450 stores nationwide.
Was told all Texas stores will be closed . Another comenity card closing for me,
