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Posted on 03/02/2016 9:33:07 AM PST by TangledUpInBlue
TSA Stores, Inc. (“Sports Authority” or the “Company”), an industry leader in providing a wide assortment of quality, brand-name sporting goods, announced that today Sports Authority and several of its affiliates filed voluntary petitions to restructure under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Court”). In conjunction with the Chapter 11 filing, the Company expects to have access to up to $595 million in debtor-in-possession (DIP) financing. Subject to Court approval, the DIP financing, combined with the Company’s cash from operations, is expected to provide sufficient liquidity during the Chapter 11 process.
“We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” said Michael E. Foss, Chief Executive Officer of Sports Authority. “We intend to use the Chapter 11 process to streamline and strengthen our business both operationally and financially so that we have the financial flexibility to continue to make necessary investments in our operations.”
(Excerpt) Read more at finance.yahoo.com ...
Recovery Summer
FWIW SA kinda sucked anyway. Academy beats ‘em hands down IMO.
They could change their name to the “Trump Authority”
Sports Authority Files For Bankruptcy, Will Close One Third Of Its Stores
http://www.freerepublic.com/focus/f-chat/3404206/posts
On the contrary. They joined the Cheap Chinese Tat brigade and stocked it high and sold it cheap. Polyester and plastic as far as the eye can see, shoes that fell apart after a few months, etc.
It's fair to say they can only sell what they can source but retailers have far more power than consumers when it comes to holding suppliers and OEMs to account for the shoddy junk they are pushing.
Once upon a time it was claimed that high oil prices required cutbacks on quality, materials, composition, etc. That excuse long ago went out the window yet we still are being asked to buy PE kit that would make a 1975 student blush.
I want competitors to Dick's but if all of them are selling the same [stuff] what's the point?
SA was one of Mitt Romney’s projects.
Great place to try things out or on...
Then go home...order online at a site that’s cheaper.
I do the same thing with the Cabelas store just down the road.
If, like Dick’s Sporting Goods, Sports Authority would sell firearms and ammo (for sporting purposes, of course), they would turn around almost immediately, as there is still a BOOMING business in that traffic. Not everywhere, to be sure, but other competitors like Cabela’s seem to be doing well.
But of course, the “gun-free zones” probably include most of the Sports Authority locations.
Most of the ones I saw were in malls where nobody sold firearms, places I generally avoid.
Many years ago, a company in Fort Dodge, IA started making PE clothes that would last seemingly indefinitely. The company moved to a different town in Iowa, but kept the QC pretty high. Eventually, they bought another firm and moved again, only to end up closing and selling the name, supposedly because they could not match the overseas stuff in price no matter how many corners they cut.
I bring them up because some of their older stuff would last twenty years or longer, and I have not found their modern equivalent.
Mr. niteowl77
One of those "Stuck on Stupid Stores"?
Life is so unfair when you are stupid
I like the point of your post. You know it is easy to bash the current administration for Sports Authorities ills, but when it comes down to it, it is there own dam fault. SA has terrible merchandising, sloppy sleeves and employees who don’t give a hoot. I haven’t shopped there in a while and my young adult children abandoned SA a long time ago.
-PJ
It’s the lousey economy of the Democrats. The same Democrats that screw up everything, and have for seemingly ever.
Nobody NEEDS what S.A. sells, therefore more people with less disposable income thanks to the Democrats means less sales of items people don’t need.
Hopefully they can hang on until we have a better economy under a sane, Constitutionally run administration that steps out of our business, our daily lives.
Well, Cabela’s is in a bit of a mess, itself.
It may be taken over by Bass; it may be broken up, or it may be taken over by the international bankers.
From yesterday:
The petition indicated that unsecured creditors weren’t going to get anything. Landlords are going to get stuck. Some secured creditors might come out OK, but they are probably going to mostly get subordinated to the half billion dollars in debt taken on as post-petition financing. The secureds would probably be better off in a straight liquidation.
Never been in a SA. I can buy cheap Chinese stuff cheaper as well as guns and ammo at Big 5.
That’s the problem with retail brick and mortar in general. It’s not unique to SA.
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