Sports Authority Closing All 450 Stores
Posted On May 02, 2016
We may be saying goodbye to all 450 Sports Authority Stores in the upcoming months.
The sports apparel and athletic accessories chain filed Chapter 11 bankruptcy protection in March after revealing they were approximately $1.1 billion in debt.
At that time, we learned that the retailer planned to close 140 stores and two distribution centers. However, Sports Authority told the U.S. Bankruptcy Court that they would not be able to reorganize, and they decided to sell off its assets instead.
The company’s assets are set to go on auction by mid-May, and they plan to liquidate all stores within a few months.
It’s no doubt that one of the main reasons behind the unfortunate news is the fact that online shopping is becoming increasingly popular, and many people are opting to simply place items in their online cart as opposed to walking into a physical store.
While I’m all for the online shopping craze, there is a major con to one of the largest sporting goods retail chains closing down.
Con: Loss of Jobs
With over 400 stores, you can just imagine the number of employees that the retail chain has. According to PIX 11, Sports Authority has 14,500 full-time and part-time employees. With the stores closing down, these employees will find themselves out of work which could result in a break-down of family dynamics, and economic status.
Of course, there’s always a silver lining. Can you guess what the major pro is?
Pro: Massive Sales
When most retail chains are forced to close down, it usually results in dirt cheap items. While the store hasn’t commented formally on what exactly they plan to do, according to Forbes, “consumers can expect sales and discount to accelerate.”
I for one, am not the outdoors type, but I’ll definitely be stocking up on golf clubs, and fishing rods, because why not?
We’ve already seen people reaping the benefits of sales at different Sports Authority locations:
Sports Authority, where you can get a baseball bat for $129.99 on clearance. Wonder why they’re closing…. pic.twitter.com/5AVCQKwZsF
— Donna ?_? (@bronxgirl007) April 20, 2016
Sports Authority is closing down and I just got Nike shoes, 2 pairs of water shoes and a adidas sports bra for $80!
— emily keys (@emilyykeyss) April 17, 2016
YO Sports authority is closing everything is 20-75% off! Just got new lifting shoes, a tank, 2 pairs of shorts, & leggings for $67! ???
— Emily™ (@freeeyourmind_) April 15, 2016
How do you feel about Sports Authority closing down?
Cover Photo Credit: Shutterstock