After filing for Chapter 11 in March, Sports Authority is currently on a quest to sell off its remaining assets.
An auction with the purpose of doing just that began on Wednesday, and lasted through early Thursday morning. The event, which was run by Hilco Streambank, saw Dick's Sporting Goods (dks) pay $15 million for the Sports Authority brand name as well as additional intellectual property, the Wall Street Journal reports. The retailer beat out British rival Sports Direct International PLC (sdipf), which placed a $13 million bid.
Along with the intellectual property, Dick's also dropped an additional $8 million to take over 31 of Sports Authority's store leases. The purchases still need to be approved by the U.S. Bankruptcy Court in Wilmington, Del. That is where Sports Authority originally filed for Chapter 11, and the court is now overseeing the bankrupt sports retailer's case.
Sports Authority began offering going-out-of-business sales at 463 of its stores last month after failing to find a bidder in a bankruptcy auction that would agree to keep it running as a smaller retailer. They're expected to be completed in about a month.
Dick's and Sports Authority couldn't immediately be reached for comment.