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Sports Authority is no longer seeking a financial restructuring through a standalone Plan of Reorganization, and is instead pursuing a plan which may include the sale of the business or certain assets.
Sports Authority filed for Chapter 11 bankruptcy protection in March and announced a plan to financially restructure the business and close 140 stores nationwide. No Wyoming stores were listed to close at that time.
According to a statement released by a Sports Authority spokesperson, Sports Authority’s lenders did not agree to the terms of the restructuring plan. As a result, the company is pursuing a plan involving Mergers and Acquisitions, or M&A, which involves the potential sale of the business or certain assets.
Despite some reports that the company will sell all of its holdings and close stores nationwide, a Sports Authority spokesperson said the list of designated closing store locations has not changed.
You can see a list of designated closing store locations here.
Below is the statement released by a Sports Authority spokesperson:
At the beginning of the Chapter 11 process, Sports Authority was pursuing two tracks: one track involved a financial restructuring through a standalone Plan of Reorganization, and the other track involved an M&A process and the potential sale of our business or certain assets. As Sports Authority disclosed to the Court on Tuesday, April 26th, we are no longer pursuing the standalone Plan of Reorganization track because we could not get our lenders to agree on the terms of such a Plan. Therefore, we are now focusing solely on the M&A track and are pursuing a sale of some or all of the business. We have received initial expressions of interest from a number potential buyers, and we are optimistic about the results of the M&A process.