Sports Authority, once the nation’s largest sporting goods chain and now a billion dollars in debt, has filed for Chapter 11 bankruptcy protection, and plans to close about a third of its 450 stores. The retailer carries a large selection of action cams and fitness bands from Fitbit, Garmen, TomTom, GoPro and others, but no tech vendors were included among the Top 50 creditors.
“Big-box chain Sports Authority lost its bid to remain in the retail game without a dramatic restructuring as the company filed for Chapter 11 bankruptcy Tuesday. The retailer – owned by Los Angeles-based private equity firm Leonard Green & Partners – said it would seek to sell or close about 140 stores, or nearly one-third of its locations, after failing to keep up with consumer trends.”
