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03-02-2016, 05:51 PM
Sports Authority declares bankruptcy, lays off 3,400 employees and considers selling itself
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NEW YORK — Sports Authority is filing for Chapter 11 bankruptcy protection to try to fix its business as it pays off $1.1 billion in debt.*
The retailer said Wednesday that it plans to close or sell about 140 stores and two distribution centers, in Denver and Chicago.*
Sports Authority stores will remain open and run on **rmal schedules during the Chapter 11 process.*
The company is also laying off 3,400 employees, or about one-third of its staff, all of whom were **tified on February 10, according to the Denver Post (http://www.denverpost.com/business/ci_29585074/sports-authority-files-bankruptcy-debts-exceeding-1-1b).*
"We wanted to give them plenty of time to find their next opportunity, whether it's in the company, or wherever else it is," Foss said. "It is hard to close a store or a distribution center, or right-size a corporate headquarters. We try to mitigate the impact on people as much as possible." Read more... (http://mashable.com/2016/03/02/sports-authority-declares-bankruptcy/)
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NEW YORK — Sports Authority is filing for Chapter 11 bankruptcy protection to try to fix its business as it pays off $1.1 billion in debt.*
The retailer said Wednesday that it plans to close or sell about 140 stores and two distribution centers, in Denver and Chicago.*
Sports Authority stores will remain open and run on **rmal schedules during the Chapter 11 process.*
The company is also laying off 3,400 employees, or about one-third of its staff, all of whom were **tified on February 10, according to the Denver Post (http://www.denverpost.com/business/ci_29585074/sports-authority-files-bankruptcy-debts-exceeding-1-1b).*
"We wanted to give them plenty of time to find their next opportunity, whether it's in the company, or wherever else it is," Foss said. "It is hard to close a store or a distribution center, or right-size a corporate headquarters. We try to mitigate the impact on people as much as possible." Read more... (http://mashable.com/2016/03/02/sports-authority-declares-bankruptcy/)
More about Bankruptcy (http://mashable.com/category/bankruptcy/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Sports Authority (http://mashable.com/category/sports-authority/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Company News (http://mashable.com/category/company-news/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), and Business (http://mashable.com/business/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)http://feeds.feedburner.com/~r/Mashable/~4/agMgTYEkMM0