Sports Authority’s plan to salvage its remaining stores didn’t pan out.
The sporting goods retailer has filed a new bankruptcy court filing in Delaware stating that it will be closing down the rest of its stores, CNN Money reports.
Fortune reported that the company filed for bankruptcy back in March and announced that it would close 140 of its 450 stores. It planned to liquidate its assets at auction and hoped to find a buyer to keep the chain up and running.
Unfortunately, it was unable to do so, though it did find buyers for its inventory, furniture, and other remaining assets. It’s uncertain when exactly Sports Authority’s stores will officially close. The retailer didn’t immediately respond to a request for comment.
After being bought by a hedge fund 10-years-ago, Sports Authority became America’s largest sporting goods store. It has since been surpassed by Dick’s Sporting Goods (DKS) and fallen very far from grace. “I think it’s safe to say they’re surrounded with competitive forces pushing them from every direction,” Larry Perkins, retail organization expert at SierraConstellation Partners, told CNN Money.
Sports Authority struggled going up against big box stores, online retailers like Amazon, and websites run by major sports leagues, including the NFL and NBA. That coupled with a debt load associated with the leveraged buyout a decade back made it impossible for it to thrive.