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Sports Authority Holdings Chapter 11 Petition Filed

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Sports Authority Holdings and six affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in Wilmington, DE and is represented by Michael R. Nestor of Young Conaway Stargatt & Taylor.

According to documents filed with the Court, “Pursuant to the Store Closing Plan, the Debtors have identified up to 200 underperforming and/or unprofitable store locations that may be designated as Closing Stores and, in consultation with FTI, determined that it is in the best interest of the Debtors’ estates to immediately prepare for the closure of up to 200 stores and 2 of their 5 distribution centers.”

Concurrent with the Chapter 11 petition, Sports Authority Holdings also filed an emergency motion for an order (A) authorizing the Debtors to assume a closing store agreement, (B) authorizing and approving store closing sales, (C) authorizing the implementation of customary employee bonus program and payments to non-insiders thereunder, (D) approving dispute resolution procedures and (E) approving the Debtors’ store closing plan.

Sports Authority Holdings’ Chapter 11 petition indicates total assets less than $50,000; however, the Court-filed Declaration explains that as of January 31, 2015, the Debtors held $1.6 billion in assets (including approximately $329.9 million in property, plant and equipment. Read more retail bankruptcy news.

The post Sports Authority Holdings Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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